ICRA assigns [SL]A- to Commercial Leasing

ICRA Lanka Limited, a subsidiary of ICRA Ltd, an associate of Moody's Investors Service, has assigned an Issuer rating of '[SL] A-' with a stable outlook to Commercial Leasing and Finance Limited (CLC or the company), a media release from the company stated.

The rating indicates adequate credit quality and the rated entity carries average credit risk. The rating in Sri Lanka is assigned on an eight-point scale developed specifically for the country, and ranges from '[SL] AAA' to '[SL] D'. This rating scale ranks the relative default risk associated with issuers in Sri Lanka.

The rating factors the operational and financial linkages with the LOLC Group in its position as a strategic finance company of Lanka ORIX Leasing Company PLC (HoldCo), which is rated [SL]A-/stable by ICRA Lanka.