Fitch Ratings has downgraded AMW Capital Leasing And Finance PLC’s (AMWCL) National Long-Term Rating to “A(lka)”, from “AA-(lka)”. Ltd. (AMW), a large importer of motor vehicles in Sri Lanka that owns 90% of AMWCL, will extend extraordinary support to AMWCL, if needed. AMW and AMWCL share a common brand, which means there could be reputational damage to AMW should AMWCL default. Fitch sees meaningful integration, largely through board representation from both AMW and its ultimate parent, Al Futtaim. Its franchise benefits from its linkages to AMW, but its market share among finance and leasing companies remains small.

Source: The Nation August 09, 2021 18:33 UTC