No reason was given for the change. But companies change rating agencies if they disagree with the ratings given. Earlier Hayleys and LOLC also withdrew from Fitch after expressing reservations over issued ratings.
Vallibel said RAM Ratings Lanka has assigned Vallibel Finance PLC long and short-term initial financial institution ratings of BB+ for the long term with a stable outlook and NP for the short- term. “The rating comes in consideration of aggressive loan growth and increases in new deposits,” the media statement said.
Investor Dhammika Perera’s Vallibel Investments own a majority72.87 per cent of Vallibel Finance. The company provides a gamut of financial services including leasing and hire-purchase, pawn broking, micro finance facilities out of the nine branches and five collection centers it operates in a growing island-wide network.