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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Finance firm rating problem

Finance firm rating problem

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1Finance firm rating problem  Empty Finance firm rating problem Fri Feb 22, 2013 4:13 pm

rainmaker


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
CB compliance department must be working overtime.
This is what happens when you grow your loan book too quickly. You see profits in the first 18 months and then the non performing loans kick in. Also finance firms have to get out of real estate projects and just focus on lending. I hope this gets sorted out quickly as this is innocent money.



TEXT-Fitch cuts Sri Lanka's ETI Finance to 'CC(lka)'

Feb 20 - Fitch Ratings Lanka has downgraded ETI Finance Limited's (ETI) National Long-Term rating to 'CC(lka)' from 'BB-(lka)'.

Rating Action Rationale

The downgrade follows the restructuring of ETI's operations and the subsequent restatement of its financial accounts for the year ended March 2012 which showed capital adequacy ratios (CAR) and liquid assets below their respective minimum regulatory thresholds.

Rating Drivers and Sensitivities

The regulator is currently overseeing the restructuring of ETI's operations, which includes the possible sale of group investments and other non-earning assets to improve regulatory liquidity, CAR, and profitability. Pursuant to the regulatory direction and as part of the restructuring process, ETI's majority shareholders have transferred the ownership of Swarnamahal Financial Services PLC, to ETI. The regulator expects ETI to comply with all regulatory directions by mid-2014.

ETI expects to bring in external shareholder funds in the near term in order to improve its financial position. However, Fitch notes that if this does not transpire, and in the absence of further shareholder injections, ETI will have to rely on the expedient disposal of its investments in group companies and other non-earning assets to improve the company's credit profile. ETI's inability to improve its financial position in the near-term may result in a further downgrade.

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