Sri Lanka Tsunami – Little Dip

Sri Lanka Telecom hopes to fork out over Rs. 25 mn each for the next three months to restore services in areas struck by Sunday’s tsunami. Sri Lanka Telecom hopes to fork out over Rs. 25 mn each for the next three months to restore services in areas struck by Sunday’s tsunami. Sri Lanka’s dominant carrier says two percent of its total network, which includes 10 percent strung across the island’s Southern and Eastern coastal belt, were damaged by killer waves.

Affected areas include Hambantota, Trincomalee, Galle, Batticaloa, Matara, Ampara, Kalutara, Kalmune, Panadura and Jaffna, SLT said Thursday.

Based on an assumption of revenues of Rs. 1,500 per line, SLT says it will lose at least Rs. 25 mn each month.

The company hopes to restore 50 percent of its services within two weeks and complete the process under two months.

International rating agency Standard & Poor’s Ratings Services on Tue. revised SLT’s rating outlook to negative from stable.

SLT has a B+ rating for its foreign currency debt and a BB- rating for its local debt from S&P.

During its US$ 100 mn bond issue, SLT also picked up a B+ rating with st