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Fitch assigns Asia Asset Finance first-time rating of A+(lka)’;

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Fitch Ratings has assigned Sri Lanka-based Asia Asset Finance PLC a first-time National Long-Term Rating of ‘A+(lka)’ with a Stable outlook.

Asia Asset Finance is a 72.9%-owned subsidiary of India-based Muthoot Finance Ltd (MFL, BB/Stable). Its core business is in gold-backed lending, similar to its parent. Asia Asset Finance has a small market share of 1.6% of total finance and Leasing company (FLC) industry assets.

Asia Asset Finance’s rating reflects our expectation that MFL will provide extraordinary support to its subsidiary if required. “We believe MFL has the financial ability and incentive to provide support, given its majorityshareholding, record of capital infusions and strategic and operational alignment in its subsidiary’s core product – gold-backed loans.”

This is counterbalanced by Asia Asset Finance’s small size and contribution to MFL, limited brand sharing and different operating jurisdiction.

The post Fitch assigns Asia Asset Finance first-time rating of A+(lka)’; appeared first on DailyNews.

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