Press Release

Lanka Rating Agency

Press Release

Date
23-Feb-24

Analyst
Gayani Randima Ariyawansa
gayani@lra.com.lk
+94 114 500099
www.lra.com.lk

Applicable Criteria

Methodology | Non-Banking Finance Companies Rating | Jun-22

Related Research

Sector Study | Leasing & Finance Companies | Aug-23

Disclaimer
This press release is being transmitted for the sole purpose of dissemination through print/electronic media. The press release may be used in full or in part without changing the meaning or context thereof with due credit to LRA

LRA Withdraws the Entity Rating of Orient Finance PLC

Rating Type	Entity
Rating Type	Current (23-Feb-24)	Previous (30-Dec-21)
Action	Withdraw	Initial
Long Term	-	BB+
Outlook		Stable
Rating Watch	-	-

Subsequent to the management's decision to discontinue the rating, LRA withdraws the entity rating of Orient Finance PLC with immediate effect.

About the Entity
Orient Finance PLC is a deposit-taking leasing company established in Sri Lanka, with 92% of the shares being owned by Janashakthi Holding PLC. The Company is licensed to operate as a Finance Company under the Finance Company Act No.78 of 1988. The Chief Executive Officer, Mr.K.M.M. Jabir, is a fellow member of the Institute of Bankers of Sri Lanka having more than three decades of professional experience with Financial Institutions. The overall control of Orient Finance PLC vests in the eight-member Board of Directors (BoD) including the CEO. Except for the CEO, all board members are non-executive directors.

The primary function of LRA is to evaluate the capacity and willingness of an entity to honor its obligations. Our ratings reflect an independent, professional and impartial assessment of the risks associated with a particular instrument or an entity. LRA's comprehensive offerings include instrument and entity credit ratings, insurer financial strength ratings, fund ratings, asset manager ratings and real estate gradings. LRA opinion is not a recommendation to purchase, sell or hold a security, in as much as it does not comment on the security's market price or suitability for a particular investor.