canada goose Fitch Affirms AMW Capital Leasing at ‘BB canada goose
canada goose deals (The following statement was released by the rating agency) COLOMBO, September 16 (Fitch) Fitch buy canada goose jacket cheap Ratings Lanka has affirmed Sri Lanka based AMW Capital Leasing and Finance PLC’s (AMCL) National Long Term Rating at ‘BB Canada Goose Outlet (lka)’. The Outlook is Stable. KEY RATING DRIVERS The rating reflects AMCL’s relatively weak deposit franchise among finance companies, modest capitalisation and canada goose uk outlet better asset quality metrics. AMCL’s rating is a reflection of its stand canada goose black friday sale alone financial strength, and as such already factors in ordinary support from parent Associated Motorways Limited (AMW). Fitch believes that AMCL may be under pressure to increase its asset base by 27% to LKR8bn from an buy canada goose jacket asset base of LKR6.3bn cheap Canada Goose as at end June 2014 before the end of this year. This is in line with the government’s master plan to consolidate the financial system, according to which the consolidation in the non bank financial institution segment is based on the asset and capital bases of the players. A rush to expand amid a weak economy could raise AMCL’s credit risk profile. The company’s assets rose 14% Canada Goose Coats On Sale in 1H14 from LKR5.5bn as at end 2013 (2013: 15% and 2012: 31%). AMCL continues to have access to local wholesale funding, and it has unutilised credit lines that are sufficient to cover gaps arising from the mismatches in the maturities of its assets and liabilities. AMCL’s external borrowings Canada Goose Online and borrowings channelled through its parent accounted for 64% and 10% respectively of total assets canada goose factory sale at end 1H14.(end 2013: 37% and 33%). The high proportion of borrowings could lead to liquidity pressure in the event AMCL is unable to Canada Goose Parka source such funding directly or through the parent. Fitch’s view is that liquidity can erode rapidly in times of stress. AMCL’s deposit base of LKR657m accounted only for 14% of its total funding at end 1H14 (end 2013: 6.5%; end 2012: 0.1%) and has a relatively high deposit concentration.. canada goose Fitch does not expect the share of deposit funding to increase given AMCL’s management intends to continue to rely on wholesale funding. AMCL’s reported regulatory gross NPL ratio stood at 2.1% canadian goose jacket at end 2013, better than the industry average of 6.7%. However, Fitch expects the NPL ratio to increase due to the challenging operating environment and as the loan book seasons. The company has been shifting cheap canada goose uk towards providing financing for more non Canada Goose sale AMW brand vehicles as it seeks canada goose uk shop to expand its loan book while increasing its market share of AMW canada goose uk black friday products. AMW brand vehicles remain a uk canada goose significant part canada goose clearance of its loan portfolio as at December 2013. Fitch expects AMCL’s capitalisation to continue to decline due to its expanding operations but to remain at a satisfactory level for its current rating. RATING SENSITIVITIES Fitch may take positive rating action cagooseclearance canada goose clearance sale if AMCL develops its franchise, both in funding and lending, while maintaining its financial profile relative to higher rated peers. Deterioration in the company’s liquidity profile, asset quality, or capitalisation to levels below its peers would place downward pressure on AMCL’s rating. Note to editors: Fitch’s National ratings provide a relative measure of creditworthiness for rated entities in countries with relatively low international sovereign ratings and where there is demand for such ratings. The best risk within a country is rated ‘AAA’ and other credits are rated only relative to this risk. National ratings are designed for use mainly by local investors in local markets and are signified by the addition of an identifier Canada Goose online for the country concerned, such as ‘AAA(lka)’ for National ratings in Sri Lanka. Specific letter grades are not therefore internationally comparable. Applicable Criteria and Related Research: Global Financial Institutions Rating Criteria here canada goose coats National Scale Ratings Criteria here Finance and Leasing Companies Criteria here Evaluating canada goose coats on sale Corporate Governance here Additional Disclosure Solicitation Status here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE uk canada goose outlet READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. PUBLISHED RATINGS, CRITERIA Canada Goose Outlet AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH’S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE Canada Goose Jackets AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE ‘CODE OF CONDUCT’ SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST canada goose store IS BASED IN AN EU REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE canada goose deals.