Following these redemptions, the TFC Issue Ratings of 'A+' (Single A plus) assigned by JCR-VIS Credit Rating Company Ltd (JCR-VIS) to both these issues stand withdrawn.
JCR-VIS has reaffirmed the medium to long term entity rating of SLCL at 'A-' (Single A Minus) with 'Stable' outlook and the short-term rating at 'A-1' (A One).
Over the last two quarters ending September 30, 2003, SLCL's operations have grown rapidly. Aided by higher business volume, profitability remains strong.
Further a re-profiled funding base will significantly reduce burden of mark-up related cost over the ensuing quarters.
SLCL has increased the level of short term trading in the capital market. Though this has resulted in significant capital gains, these are essentially volatile sources of earnings and increased activity in this area has also added to the level of market risk borne by the company.