Lanka Rating Agency
28-Jan-25
Analyst
Imran Iqbal
imran@lra.com.lk
+94 114 500099
www.lra.com.lk
Applicable Criteria
- Methodology | Debt Instrument Rating | Aug-24
Related Research
- Sector Study | Holding Company | Mar-24
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
Lanka Rating Withdraws the Debt Instrument Rating of Softlogic Capital PLC - LKR 1.5Bn Listed Senior Unsecured Redeemable Debenture
| Rating Type | Debt Instrument | |
|
Current (28-Jan-25) |
Previous (18-Nov-24) |
|
| Action | Withdraw | Downgrade |
| Long Term | - | BB |
| Outlook | Negative | |
| Rating Watch | - | Yes |
Softlogic Capital PLC had in issue LKR 1.5Bn, listed, rated, senior, unsecured, redeemable debentures each worth LKR 100/-. The debenture was issued in Two tranches with different maturities. One tranche maturing in four years (4) Which redeemed on December 19, 2023, and the balance tranche maturing in five (5) years and was redeemed on December 19, 2024. Subsequent to the maturity of the debenture, Lanka Rating withdraws the rating of Softlogic Capital PLC - LKR 1.5Bn Listed Senior Unsecured Redeemable Debenture settlement.
About
the Entity
Softlogic Capital PLC (“SCPLC” or “the Company”), is a public limited company incorporated under the Companies Act No. 17 of 1982 and reregistered under the Companies Act No. 07 of 2007 in 2007. The registered office and principal place of business of the Company is located at Level 16, One Galle Face Tower, Colombo 02. Softlogic Capital PLC is the financial services sector Holding Company of the Softlogic Group. The Company’s portfolio of financial services comprises Softlogic Finance PLC, a Licensed Finance Company (LFC) under the purview of the Central Bank of Sri Lanka (CBSL), Softlogic Life Insurance PLC, an insurer licensed for Life Insurance by the Insurance Regulatory Commission of Sri Lanka. Softlogic Stockbrokers (Pvt) Ltd, a stock broking company licensed and operating on the Colombo Stock Exchange, and Softlogic Asset Management (Pvt) Ltd, a Unit Trust Managing Company and Investment Manager licensed by the Securities and Exchange Commission (SEC) of Sri Lanka are also part of the Softlogic Capital group.