Bangladesh-based BRAC bought into the firm and RAM said support was expected from the parent.
The company's gross non performingloans had risen from 6.45 percent in September 2013 from 4.86 percent in March.
However it had strong capital adequacy with 40 percent Tie-I capital.
The full statement is reproduced below:-
RAM Ratings Lanka upgrades BRAC Lanka Finance PLC’s ratings to BB+/Stable/NP
RAM Ratings Lanka has upgraded BRAC Lanka Finance PLC’s (BRLF or the Company, previously known as Nanda Investments and Finance PLC (Nanda)) long-term financial institution ratings to BB+ from BB-. At the same time, the short-term rating has been reaffirmed at NP. Meanwhile, the Positive Rating Watch on the Company has been lifted and the stable outlook on the long-term rating has been reinstated.
In July 2013, RAM Ratings Lanka placed BRLF’s long and short-term ratings on Rating Watch (with a positive outlook) premised on