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| Tuesday, 6 July 2004 |
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Fitch Ratings for LBTC by Senkadagala Finance Trust Three Fitch Ratings Lanka has assigned a rating of A (sri) for the Lease Backed Trust Certificates (LBTC), to be issued by a Special Purpose Vehicle (SPV) called Senkadagala Finance Trust Three, under the asset backed borrowing program of Senkadagala Finance Company Limited (SFC). A (sri) rating denotes a low expectation of credit risk. The capacity for timely payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to changes in circumstances or in economic conditions than is the case for higher ratings. SFC proposes to pledge the receipts from a pool of lease contracts to Deutsche Bank (DB) in its capacity as the Trustee for a Special Purpose Vehicle (SPV) Trust. The trust so declared is called SFC Trust Nine, and finances the loan to SFC by issuing LBTCs to market investors to the value of Rs. 52.4 million. SFC would continue to service the underlying contracts. |
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