Tele Rating

Standing left to right – Mr. Dinesh Jebamani (Chief Manager Liability Product Management and New Age Media – Seylan Bank), Mr.Sudesh Peiris (Senior Manager – Digital Banking Channels – Seylan Bank), Ms. S.Senevirathne (Representative of the Revenue Department – Western Province), Mr. Tilan Wijeyesekera (Deputy General Manager – Retail Banking – Seylan Bank) and Mr. Malik Wickremanayaka (Deputy General Manager – Operations – Seylan Bank)

Mar 22, 2013 (LBO) – Fitch ratings said it had confirmed a ‘BB-‘ rating of Sri Lanka Telecom with a stable outlook helped by its strong market leadership in fixed services and a number two position in mobile. “SLT’s ratings reflect its market-leading position in Sri Lanka’s fixed-line services underpinned by its monopoly in wireline and fixed-broadband,” Fitch said in a statement.

“They also reflect its number two position in mobile and its evolving share in paid-TV, making the company one of two ‘quadruple-play’ providers in the country.”

Fitch said revenues grew 10 percent in 2012 with mobile and broadband growing strongly but fixed wireless was weak.

Revenue had also been helped by currency depreciation.

The full statement is reproduced below

Fitch Affirms Sri Lanka Telecom at ‘BB-‘/Stable

Fitch Ratings-Singapore/Colombo-22 March 2013: Fitch Ratings has affirmed Sri Lanka Telecom PLC’s (SLT) Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at ‘BB-‘. The agency also affirmed SLT’s National Long-Term Rating at ‘AAA(lka)’. The Outlook is Stable.

Key Rating Drivers

Strong market position: SLT’s ratings reflect its market-lead