ICRA assigns [SL]A to ORIX Leasing Debenture program

ICRA Lanka Limited, an associate of Moody's Investors Service, has assigned [SL]A- (pronounced SL A minus) with a stable outlook to the Rs 1.25 Bn Long Term Unsecured Redeemable Debenture Programmes of Lanka ORIX Leasing Company PLC (LOLC or the HoldCo).

The ratings continue to factor LOLC Group's long track record of profitable operations, its leading position in the Sri Lankan Financial services business market, professional and experienced management team, adequate risk management systems with strong retail franchise.

The rating also takes into account the committed support and oversight from its largest investor-ORIX Corporation of Japan (rated Baa2 with stable outlook by Moody's) which has a 30% stake in the entity.