PLC's outstanding 1,155 million rupee senior unsecured redeemable debentures have also been upgraded to 'A+(lka) from 'A(lka)'.
"The upgrade reflects the increased capacity of the systemically important state-owned parent - People's Bank - to support PLC and PF," it said.
The full statement follows:
Fitch Ratings Lanka has upgraded People's Leasing Company Plc's (PLC) National Long-Term rating to 'A+(lka)' from 'A(lka)' and People's Finance Plc's (PF) to 'A-(lka)' from 'BBB(lka)'. The Outlooks are Stable. PLC's outstanding LKR1,155m senior unsecured redeemable debentures have also been upgraded to 'A+(lka) from 'A(lka)'.
The upgrade reflects the increased capacity of the systemically important state-owned parent - People's Bank (PB, 'AA(lka)'/Stable) - to support PLC and PF. PB's National Long-Term was upgraded to 'AA(lka)'/Stable from 'AA-(lka)'/Positive in November 2011 to reflect Fitch's view o