Moody’s ICRA LANKA upgrades Vallibel Finance rating | Daily News

Moody’s ICRA LANKA upgrades Vallibel Finance rating

ICRA Lanka, a rating agency belonging to the Moody’s has upgraded the rating of Vallibel Finance PLC to [SL] BBB with a stable rating from the previous [SL] BBB-. Announcing its latest rating, ICRA said that it had factored in Vallibel’s ability to grow its portfolio while maintaining a comfortable assets quality and profitability indicators. A notable strength of the company, as noted by ICRA, is the financial and managerial support of the Vallibel Group, whose name-bearer is Vallibel Finance PLC.

The stronger rating for Vallibel Finance also comes on the back of the company’s experienced management team and its risk management systems. The company operates 25 branches and 8 service centers with the rating agency noting a healthy portfolio growth augmented by asset backed lending. ICRA dwells into the company’s ‘good and stable’ profitability indicators while maintaining healthy asset quality indicators with net NPL below the systematic averages over the past 4 years. Meanwhile, ICRA Lanka has also revised the issue rating of the Rs. 500 million unsecured, subordinated, redeemable debenture program to [SL]BBB- with a stable rating from [SL]BB+ . ICRA Lanka has also reaffirmed the issue rating of [SL]AA-(SO) with a stable rating for the Rs. 1,000 million guaranteed, subordinated, redeemable debenture program.

“ICRA has observed the extremely competitive environment of the finance industry with stiff competition coming from the banking sector. We have been on the crest of a wave despite the competition of the volatility of the market and the most significant factor is we have been doing it consistently, year after year,” said Jayantha Rangamuwa, Managing Director, Vallibel Finance PLC. 



Add new comment