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Sunday, 29 April 2012

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Fitch Rates Sampath Leasing at 'A(lka)'

Fitch Ratings Lanka has assigned Sampath Leasing and Factoring Limited (SLFL) a 'A(lka)' National Long-Term rating. The outlook is positive.

The rating reflects Fitch's expectation of continuous support from SLFL's parent - Sampath Bank PLC (SB, 'AA-(lka)'/Positive, 100% ownership), given the strong strategic and operational linkages between the two entities.Six out of SLFL's eight board seats are held by current or former senior SB officials and directors, including the bank's CEO on an ex-officio basis.

The board is also advised by SB's current CFO. SB guaranteed or directly lent nearly all of SLFL's borrowings at end-2011 (FYE11). SLFL also benefits from business referrals from SB's extensive branch network,and has a growing number of window offices within the latter's branches. In 2011, SLFL accounted for 65 percent of SB's consolidated net lease portfolio growth.

The Positive Outlook on SLFL mirrors SB's rating Outlook, and indicates that the ratings of SB and SLFL will move in tandem.

 

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