Sri Lanka’s People’s Merchant Finance on negative rating watch: Fitch

COLOMBO (EconomyNext) – Fitch Ratings has withdrawn a ‘BB+(lka)’ rating on People’s Merchant Finance Plc (PMF), after placing it on negative rating watch. "The Rating Watch Negative reflects Fitch’s assessment of potential weakening of the linkages between PMF and its main shareholder, state-owned People’s Bank (AA+(lka)/Stable) and a potential decline in PMF’s intrinsic financial strength due to a lack of clarity on its future operations," the rating agency said. Fitch said it is withdrawing the rating as PMF has chosen to stop participating in the rating process and it no longer had enough information to maintain the rating.

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