Fitch affirms and withdraws Sinhaputhra Finance’s ‘B’ rating

Fitch Ratings Lanka has affirmed Sri-Lanka-based Sinhaputhra Finance PLC’s (SFL) National Long-Term rating of ‘B(lka)’ with Stable Outlook and simultaneously withdrawn the rating.

SFL’s rating reflects its weak asset quality, limited provisions against non-performing loans as well as its low profitability relative to higher rated peers.

Fitch has withdrawn the rating as SFL has chosen to stop participating in the rating process. Therefore, Fitch will no longer have sufficient information to maintain the rating. Accordingly, Fitch will no longer provide ratings or analytical coverage for SFL.