Siyapatha Finance PLC’s National Long-Term Rating was recently upgraded to ‘A(lka)’ from ‘BBB+(lka)’ by Fitch Ratings, reflecting a positive evaluation of the institute’s robust financial profile, creditworthiness and firm linkage maintained with its parent bank.
Siyapatha’s upgraded rating is attributed to the steady growth of the company’s financial profile amidst socio-economic shocks, reflecting the entity’s creditworthiness, stability of the credit profile and overall enhanced financial performance, the company said in a media release.
“The stable outlook builds confidence in the institute’s ability to continue to carry out its financial commitments amidst low probability for changes and strengthen the national economy in the long run.The rating action is further supported by Fitch’s assessment on the actions of Siyapatha’s parent bank, Sampath Bank PLC ‘(AA-(lka)/Stable)’, following the recent sovereign upgrade and recalibration of the rating agency’s Sri Lankan national rating scale,” the statement said.
Moreover, the rating demonstrates the remarkable steady support rendered by its parent bank, primarily backed by the bank’s stake in the finance subsidiary, brand sharing, degree of integration and overall role within the group.
A Sri Lanka Air Force Bell 212 helicopter belonging to the No. 72 squadron has crashed into the Madhuru Oya reservoir this morning, Air FOrce Media Spokesman Eranda Geeganage said.
Read this week’s Sunday Times for your interesting articles including the ’’5th Column’’.
In its first electoral test since taking power, the ruling National People’s Power (NPP) fell short of expectations, winning only around 40 % of the national vote in Tuesday’s local government election and falling short of enough seats to gain control of the majority of councils.
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