Assetline Finance receives ‘A-‘ rating with stable outlook

Assetline Finance Limited (AFL), the flagship company of the Financial Services Cluster of David Pieris Group received its initial rating of ‘A-‘ with a stable outlook from the Lanka Rating Agency (LRA) reflecting its medium size and solid standing in the lending market. 
The company provides a range of products such as automobile leasing & loans, working capital financing, and commercial financing; serving both individuals and corporates across the country.  As a subsidiary of the David Pieris Group, the parent’s involvement in the automotive business and its strong financial health have contributed to the rating.  

LRA further stated, “The company plans to focus on expanding its asset base by leveraging available borrowing lines from both group companies and financial institutions. Unutilised funding lines provide comfort regarding liquidity. The rating further reflects the AFL’s strong capitalisation, highlighted by robust equity and a Capital Adequacy Ratio (CAR) of 30 percent.” 
“Along with Sri Lanka’s economic recovery, we have prudent plans to accelerate our growth exponentially, expanding our current 55 branches along with our asset base and an enriched product portfolio”, explained Ashan Nissanka, Director and CEO of AFL. He added that this rating was a testament to a relentless pursuit of excellence and would be a catalyst in achieving the company’s strategic aspirations. 

AFL was incorporated in 2003 and registered under the Finance Leasing Act, No 56 of 2000 as a Finance Leasing Establishment under the specialised leasing company category. Formerly known as Assetline Leasing Company Ltd, the largest specialized leasing company in Sri Lanka, the Company was subsequently granted a finance company license under the Central Bank of Sri Lanka’s Non-Bank Financial Institutions Sector Consolidation Plan in 2022.