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19 March, 2013 10:32 AM Source:
Fitch Ratings.jpg

Sri Lanka-based Multi Finance PLC’s Outlook has been revised to Negative from Stable, by Fitch Ratings.

At the same time, the agency has affirmed MFP’s National Long-Term rating at ‘B+(lka)’.

Fitch says, the revision of the Outlook reflects MFP’s weakening liquidity profile and net losses due to higher borrowing costs and increased operating expenses driven by branch expansion and relocation.

It also says, the net losses in nine months ending December-2012 have also resulted in sharply decreasing capitalisation which, however, remains commensurate with some of the higher-rated peers.

“The ratings also reflect the company’s small asset size and less established, but growing, franchise relative to that of domestic peers”, the agency added in its rating release.

Below is the full rating release issued by Fitch

Fitch Ratings-Colombo/Seoul/Singapore-18 March 2013: Fitch Ratings Lanka has revised Sri Lanka-based Multi Finance PLC’s (MFP) Outlook to Negative from Stable. At the same time, the agency has affirmed MFP’s National Long-Term rating at ‘B+(lka)’.

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