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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Sri Lanka LOLC group ratings confirmed, withdrawn

Sri Lanka LOLC group ratings confirmed, withdrawn

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Sidath

Sidath
Manager - Equity Analytics
Manager - Equity Analytics
Fitch Affirms and Withdraws Ratings of Sri Lanka's LOLC Group
Fitch Ratings-Colombo/Seoul/Singapore-26 October 2012: Fitch Ratings Lanka has affirmed the following ratings of the Lanka ORIX Leasing Company PLC (LOLC) group of companies and simultaneously withdrawn the ratings.
LOLC:
-National Long-Term Rating: Affirmed at 'BBB+(lka)'/Negative Outlook and withdrawn
-LKR1.25bn senior unsecured redeemable debentures: Affirmed at 'BBB+(lka)' and withdrawn
Lanka ORIX Finance PLC (LOFIN):
-National Long-Term Rating: Affirmed at 'A-(lka)'/Negative Outlook and withdrawn
Commercial Leasing & Finance PLC (CLC):
-National Long-Term Rating: Affirmed at 'A-(lka)'/Negative Outlook and withdrawn
The affirmation of LOLC's ratings reflect improvements to its credit profile in the six months to 30 June 2012, compared with 31 December 2011, stemming from reported lower leverage and the lengthening of its debt maturities through the issuance of long-term debentures. The Negative Outlook continues to reflect the uncertainty surrounding LOLC's funding strategy for its future investment activities and associated financial risks.
The affirmation of LOFIN's rating reflects its strong franchise among Sri Lanka's finance companies and sustained satisfactory financial profile. The Negative Outlook reflects the risk profile of LOFIN's parent LOLC and the potential for it to hurt its subsidiary's financial profile. LOFIN's franchise remains linked to that of LOLC, and as a subsidiary of the group, its ties with LOLC remain intact.
The affirmation of CLC's rating reflects its strong franchise among Sri Lanka's non-bank financial institutions and sustained healthy credit profile. The Negative Outlook reflects the risk profile of CLC's parent LOLC and the potential for it to hurt its subsidiary's financial profile. CLC's franchise remains linked to that of LOLC, and as a subsidiary of the group, its ties with LOLC remain intact.
Fitch has withdrawn the ratings as the LOLC group of companies has chosen to stop participating in the rating process. Therefore, Fitch will no longer have sufficient information to maintain these ratings. Accordingly, Fitch will no longer provide ratings or analytical coverage for the companies.

Malika1990

Malika1990
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Oct 26, 2012 (LBO- Sri Lanka's LOLC group's ratings have been withdrawn by Fitch Ratings though the underlying ratings with negative outlooks have been confirmed.

The parent LOLC's BBB+(lka) rating, two steps up in the investment grade which also applies to 1.25 billion rupees of senior debt securities has been confirmed.
LOLC's ratings were confirmed due to improvements to its credit profile in the six months to 30 June 2012, compared with 31 December 2011, coming from reported lower leverage extension of debt maturities through the sale of debentures, Fitch said.

The Negative Outlook continues to reflect the uncertainty surrounding LOLC's funding strategy for its future investment activities and associated financial risks.

Higher rated unit, Lanka ORIX Finance Plc's 'A-(lka)' rating and Commercial Leasing and Finance's 'A-(lka)' rating has also been withdrawn.

The full statement is reproduced below:

Fitch Affirms and Withdraws Ratings of Sri Lanka's LOLC Group

Fitch Ratings-Colombo/Seoul/Singapore-26 October 2012: Fitch Ratings Lanka has affirmed the following ratings of the Lanka ORIX Leasing Company PLC (LOLC) group of companies and simultaneously withdrawn the ratings.

LOLC:
-National Long-Term Rating: Affirmed at 'BBB+(lka)'/Negative Outlook and withdrawn

-LKR1.25bn senior unsecured redeemable debentures: Affirmed at 'BBB+(lka)' and withdrawn

Lanka ORIX Finance PLC (LOFIN):

-National Long-Term Rating: Affirmed at 'A-(lka)'/Negative Outlook and withdrawn

Commercial Leasing & Finance PLC (CLC):

-National Long-Term Rating: Affirmed at 'A-(lka)'/Negative Outlook and withdrawn

The affirmation of LOLC's ratings reflect improvements to its credit profile in the six months to 30 June 2012, compared with 31 December 2011, stemming from reported lower leverage and the lengthening of its debt maturities through the issuance of long-term debentures. The Negative Outlook continues to reflect the uncertainty surrounding LOLC's funding strategy for its future investment activities and associated financial risks.

The affirmation of LOFIN's rating reflects its strong franchise among Sri Lanka's finance companies and sustained satisfactory financial profile. The Negative Outlook reflects the risk profile of LOFIN's parent LOLC and the potential for it to hurt its subsidiary's financial profile. LOFIN's franchise remains linked to that of LOLC, and as a subsidiary of the group, its ties with LOLC remain intact.

The affirmation of CLC's rating reflects its strong franchise among Sri Lanka's non-bank financial institutions and sustained healthy credit profile. The Negative Outlook reflects the risk profile of CLC's parent LOLC and the potential for it to hurt its subsidiary's financial profile. CLC's franchise remains linked to that of LOLC, and as a subsidiary of the group, its ties with LOLC remain intact.

Fitch has withdrawn the ratings as the LOLC group of companies has chosen to stop participating in the rating process. Therefore, Fitch will no longer have sufficient information to maintain these ratings. Accordingly, Fitch will no longer provide ratings or analytical coverage for the companies.
http://www.lbo.lk/fullstory.php?nid=1905351132

3Sri Lanka LOLC group ratings confirmed, withdrawn Empty LOLC negative outlook by Fitch Fri Oct 26, 2012 9:58 pm

dineshfernando


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
http://www.lankabusinessonline.com/fullstory.php?nid=1905351132

Fitch rating has affirmed negative outlook for LOLC. I have fixed deposits with LOLC and shares as well.

Fitch has withdrawn the ratings as the LOLC group of companies has chosen to stop participating in the rating process. Isn't it mandatory for all the finance companies to go through a rating process yearly?
What message can we get out of this? Is LOLC going to be bankrupt?

I feel it's better to pull out the FDs from LOLC and putting it in LFIN?

Need your advice please.

stockback


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Oct 26, 2012 (LBO- Sri Lanka's LOLC group's ratings have been withdrawn by Fitch Ratings though the underlying ratings with negative outlooks have been confirmed.
The parent LOLC's BBB+(lka) rating, two steps up in the investment grade which also applies to 1.25 billion rupees of senior debt securities has been confirmed.

LOLC's ratings were confirmed due to improvements to its credit profile in the six months to 30 June 2012, compared with 31 December 2011, coming from reported lower leverage extension of debt maturities through the sale of debentures, Fitch said

http://www.lankabusinessonline.com/fullstory.php?nid=1905351132

Please give me your idea about this.

malanp


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
What I understand is LOLC has withdrawn from rating process.
Fitch will not rate LOLC in the future.
LOLC will not provide its financial data to Fitch to be evaluated for a rating.

It is like you withdrawn from T20 tournamant after draws.


worthiness


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
If it is so, it will be a big question mark from prospective investors point of view.

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics
Very aggressive companies like LOLC will ofcouse be under huge debt.

For ratings these high dept situations can lead to below norm standards. How the management controls this is the key. So much depends on the management team. do you have faith in them or not?

malanp


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@worthiness wrote:If it is so, it will be a big question mark from prospective investors point of view.

yes, it is a question mark. first high debt incur high finance cost,secondly solvancy of the company,

Any time creditors might go to court if they default installments.

hettdas

hettdas
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
I have fixed diposits with LOLC finance. Can anybody explain me the risk behind this.

glad


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
LOLC management must explain what is going on re these issues.

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