Sri Lanka corporate debt to get boost from S&P

Aug 06, 2013 (LBO) – Standard and Poor’s Rating Services said is hosting a forum in Colombo on August 16 amid plans by Sri Lanka to boost the country’s debt markets. Sri Lanka’s Securities and Exchange Commission wants to boost outstanding capital market debt to 10 billion US dollars from the one billion dollars at end 2012.

“Clearly a lot needs to be done to achieve the challenging goal of growing Sri Lanka’s corporate debt market ten-fold in the next four years,” Surinder Kathpalia, Managing Director, Standard & Poor’s Ratings Services said in a statement.

“Sri Lanka’s issuers, both financial institutions and corporates, will also need alternate sources of funding until the local corporate debt market develops.”

Central Bank Governor Nivard Cabraal will be keynote speaker at the seminar ‘Sri Lanka’s Issuers – A Global Perspective’.

It will have a panel discussion with industry leaders while S & P analysts will lead presentations. Presenters include Nalaka Godahewa, Chairman, Securities and Exchange Commission of Sri Lanka; Rajendra Theagarajah, chief executive NDB Bank, Preethi Jayaardena, chairman, The Finance Company and Patrick Gallagher, chief executive, HSBC Sri Lanka and Maldives.

Ritesh Maheshwari, Managing Director, Asia-Pacific Financial Institutions Ratings; Kim Eng Tan, Senior Director, Asia-Pacific Sovereign Ratings; Mehul Sukkawala, Director, Asia-Pacific Corporate Ratings, will represent S & P.