ICRA Lanka has reaffirmed UB Finance Co Ltd’s Issuer Rating of [SL]BB, while revising its outlook upwards from “Stable” to “Positive”.
This gives UB Finance Co Ltd an Issuer Rating of [SL]BB (Positive), a development that comes as the Company prepares to embark on an aggressive plan for future growth and expansion, having recently received a capital infusion of Rs.1.98 billion from its parent company, Union Bank PLC, making it one of the highest capitalised LFCs in Sri Lanka.
ICRA Lanka is a premier credit rating agency in Sri Lanka and a subsidiary of global credit rating giant, Moody’s Investors Service.
DGM, Finance, Asanka Udugama said, “The upward revision of our Issuer Rating from [SL]BB (Stable) to [SL]BB (Positive) is very welcome as we stand at the threshold of an ambitious journey to expand our operations.