FINANCIAL CHRONICLE – Fitch Ratings has retracted the ‘A(lka)’ rating it previously assigned to WindForce PLC, a Sri Lankan energy firm, regarding its planned debenture issuance valued at 4 billion rupees. The company has decided to delay this issuance in light of increasing interest rates in the market.
The debentures were rated one level below WindForce’s National Long-Term Rating of A+(lka)/Stable. A statement from Fitch noted the following:
Fitch Ratings: The agency has withdrawn the ‘A(lka)’ rating for WindForce PLC’s proposed senior unsecured redeemable debentures, which were intended to raise up to LKR4 billion. The rating was originally published on April 6, 2026, and was positioned one notch below WindForce’s existing National Long-Term Rating due to concerns over structural subordination stemming from secured debt related to operating subsidiaries involved in financing anticipated capacity expansions.
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The decision to withdraw the rating comes as the company has decided not to proceed with the issuance as initially planned. WindForce has opted to postpone the issuance indefinitely, attributing this move to the current rise in market interest rates, and is now considering alternative sources of funding for its upcoming power projects.
Key Rating Drivers: Not applicable, as the rating has been withdrawn.
Rating Sensitivities: Not applicable, as the rating has been withdrawn. (Colombo/Sep 15/2026)
