📉 Fitch Withdraws Rating on WindForce’s Proposed LKR 4 Bn Debentures

• Rating Withdrawal: Fitch Ratings has withdrawn the 'A(lka)' rating assigned to WindForce PLC’s proposed senior unsecured redeemable debenture issue of up to LKR 4 Bn. • Key Drivers: The renewable energy firm postponed the issuance indefinitely following a rise in market interest rates. The company is now evaluating alternative funding sources for its scheduled power projects. • Corporate Profile: The proposed debt was rated one notch lower than WindForce's National Long-Term Rating of 'A+(lka)/Stable' due to structural subordination from secured debt at operating subsidiaries, which was utilized to finance capacity expansion in the power sector.