ICRA Lanka Ltd. has revised the issuer rating of Multi Finance PLC (MFP) to (SL)C+ from (SL)B- with Negative outlook. ICRA Lanka notes that the planned capital-raising exercises were affected by the challenging macro outlook that prevailed during the period. However, ICRA Lanka notes that the overall contraction of the lending portfolio has also contributed to the sharp increase in the gross NPA (GNPA) ratio during the period. ICRA Lanka notes that the planned capital-raising initiatives that were in the pipeline were derailed due to the Covid-19 outbreak. For the six months ended September 2020, MFP reported a net loss of Rs.

Source: The Nation February 21, 2021 22:41 UTC