Fitch Ratings Lanka recently upgraded Asia Asset Finance PLC (AAF) credit rating to A+ (Stable) from A- (Stable). This reaffirms AAF’s position as one of Sri Lanka’s licensed finance companies. This upgraded rating underscores the company’s strength, stability and trust and serves as a testament to its ability to manoeuvre in a dynamic business environment. 

Asia Asset Finance CEO Rajiv Gunawardena said: “Our positively revised rating is a reflection of our stability and trust as the leading provider of Gold Loans and other gold-based financial services in Sri Lanka. We remain committed to our customers and look forward to supporting them to achieve their aspirations. With the support of our parent company, we are confident that we will continue to provide exceptional gold-based financial products and services, and we look forward to the further growth and stability as Sri Lanka’s economic recovery emerges.”

This is further bolstered by the strong support AAF enjoys from its parent company, Muthoot Finance Limited (MFL), a gold loans provider in India which provides both technical and financial support to AAF. 

With a history spanning 52 years, Asia Asset Finance PLC is backed by its parent company, India-based global financial services giant, Muthoot Finance – one of the global gold financing companies with assets worth nearly Rs. 3 trillion; larger than most commercial banks in Sri Lanka. 

Asia Asset Finance PLC is a Non-Banking Financial Institution (NBFI) and a Licensed Finance Company (LFC), registered with the Central Bank of Sri Lanka, having commenced operations in 1970, with a focus on Gold-Based Financial Products and Services, catering to both depositors and borrowers. Asia Asset Finance’s wide array of financial services includes Gold Loans, Fixed Deposits, Leasing, Mortgages and Digital Financial Services via the Asia Asset Finance App. The company has expanded its geographical presence to 85 branches and the staff strength exceeds 700.