Fitch Ratings doubles stake in Sri Lanka unit

Apr 05, 2018 (LBO) –  Fitch Ratings has doubled its stake in itch Ratings Lanka Ltd. ,to approximately 89 percent  through its acquisition of the equity interest of several shareholders. the Company said in a statement.

“We are excited about Fitch’s commitment to Sri Lanka, one of Asia’s fastest-growing fixed-income markets,” said Maninda Wickramasinghe, Head of Fitch Ratings Lanka Ltd.

“As a global brand recognised for independent opinions and a transparent methodology, coupled with on-the-ground insight and expertise, we look forward to helping to develop Sri Lanka’s capital markets as demand for funding infrastructure projects and corporate investments increases.”

The full statement is as follows: 

Fitch Ratings-Colombo/Hong Kong-04 April 2018: Fitch Ratings has increased its ownership of Fitch Ratings Lanka Ltd. to approximately 89% from 45% through its acquisition of the equity interest of several shareholders.

“We are excited about Fitch’s commitment to Sri Lanka, one of Asia’s fastest-growing fixed-income markets,” said Maninda Wickramasinghe, Head of Fitch Ratings Lanka Ltd.

“As a global brand recognised for independent opinions and a transparent methodology, coupled with on-the-ground insight and expertise, we look forward to helping to develop Sri Lanka’s capital markets as demand for funding infrastructure projects and corporate investments increases.”

Since its inception in Sri Lanka in 1999, Fitch Ratings has rated more than 60 issuers, including almost all the banks in Sri Lanka and over half of the financial institutions, as well as the leading conglomerates. The agency has also rated landmark transactions, including the country’s first Basel III-compliant subordinated bond issued in October 2017. Fitch Ratings was also the first international rating agency to issue Sri Lanka’s maiden rating of ‘BB-‘ in December 2005 and the first agency to rate Sri Lanka’s maiden USD500 million sovereign bond issue in 2007.

Fitch Ratings is a leading provider of credit ratings, commentary and research. Dedicated to providing value beyond the rating through independent and prospective credit opinions, Fitch Ratings offers global perspectives shaped by strong local market experience and credit market expertise. The additional context, perspective and insights we provide has helped investors fund a century of growth and make important credit judgments with confidence.

Fitch Group is a global leader in financial information services with operations in more than 30 countries. Fitch Group is comprised of: Fitch Ratings, a global leader in credit ratings and research; Fitch Solutions, a leading provider of credit market data, analytical tools and risk services; BMI Research, an independent provider of country risk and industry analysis specializing in emerging and frontier markets; and Fitch Learning, a preeminent training and professional development firm. With dual headquarters in London and New York, Fitch Group is majority-owned by Hearst.