Mercantile Investments and Finance | Daily News


Fitch Rating

Mercantile Investments and Finance

Fitch Ratings has revised the Outlook on Mercantile Investments and Finance PLC (MIF) to Negative from Stable and has affirmed the ratings. At the same time, Fitch has affirmed the ratings of the following Sri Lankan finance companies: Central Finance Company PLC (CF), LB Finance PLC (LB), Senkadagala Finance PLC (Senka), People’s Leasing & Finance PLC (PLC), The rating actions follow Fitch’s periodic review of Sri Lanka’s large and mid-sized finance companies. A full list of rating actions is at the end of this rating action commentary.

Fitch expects Sri Lankan non-banking financial institutions to continue to face pressure on asset quality and profitability in the medium term. The sector’s non-performing loan (NPL) ratio (overdue more than 180 days) spiked to 7.7% by March 2019, from 5.9% at March 2018, with the target customer base suffering from the economic slowdown, which we expect to continue throughout the financial year.

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