Lanka Rating Agency
05-Mar-25
Analyst
Gayani Randima Ariyawansa
gayani@lra.com.lk
+94 114 500099
www.lra.com.lk
Applicable Criteria
- Methodology | Debt Instrument Rating | Aug-24
Related Research
- Sector Study | Primary Dealer | Feb-25
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Lanka Rating Withdraws Debt Instrument Rating of First Capital Treasuries - LKR 750mn Subordinated Unsecured Redeemable Debentures
| Rating Type | Debt Instrument | |
|
Current (05-Mar-25) |
Previous (02-May-24) |
|
| Action | Withdraw | Maintain |
| Long Term | - | A- |
| Outlook | Positive | |
| Rating Watch | - | - |
With the maturity of the debt instrument, Lanka Rating withdraws the rating of First Capital Treasuries - LKR~750mn Subordinated Unsecured Redeemable Debentures with immediate effect.
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About
the Entity
First Capital Treasuries PLC ("FCT" or "the Company") was incorporated on 19th August 1982 as a Public Limited Liability Company under the provisions of the Companies Act No. 17 of 1982 and re-registered under the Companies Act No. 07 of 2007. The Company was incorporated as a money brokering company and was appointed as a Primary Dealer in Government Securities by the CBSL in the year 1992. The Company is a subsidiary of First Capital Limited, which is a subsidiary under First Capital Holdings PLC, the Janashakthi Umbrella. The management team is headed by Mr. Sachith Perera, the Director/CEO of the Company.
About
the Instrument
FCT had LKR~750mn, listed, rated, subordinated, unsecured, redeemable debentures each worth LKR~100/-. The tenure of the debentures was five years. The debenture was opened for subscription on 27th January 2020 and alloted on 30th January 2020. The objective of the issue was to increase the Tier II Capital of the Company and thereby enhance the Capital adequacy position.