ICRA Lanka Limited, subsidiary of ICRA Limited, a group company of Moody’s Investors Service, has reaffirmed the issuer rating of [SL]A- (pronounced SL A minus) with stable outlook for First Capital Holdings PLC (FCH or the Company).
ICRA Lanka has also reaffirmed the [SL]A2+ (pronounced SL A two plus) rating for the Rs 1,500 million commercial paper programme of FCH. ICRA Lanka has also withdrawn the outstanding issue rating of [SL]A-(stable) on the Rs 185 million senior unsecured redeemable debentures of the Company, as the said debentures have matured and there is no amount outstanding against the rated instrument.
The ratings continue to factor in FCH’s status as the holding company of First Capital Treasuries PLC (FCT), a leading standalone primary dealer in Sri Lanka (Issuer rating of [SL]A- with stable outlook).
FCH is also the holding company for other financial services entities in the First Capital group; although contribution from these entities to consolidated income remains modest, at present.
Consequently, FCH’s performance is susceptible to the risks inherent to FCT.
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