Troubled Times

Nov 27, 2009 (LBO) – Sri Lanka’s The Finance Company, a firm in the troubled Ceylinco group that is being re-structured under regulatory supervision, has been downgraded to ‘C(lka)’ or one notch above default, Fitch Ratings Lanka said. Fitch said The Finance Company’s national rating and its subordinate debenture’s rating has both been downgrade to ‘C(lka)’. Both are on rating watch negative.

Fitch has also stopped rating the firm.

The Finance also ran out of capital at the end of the second quarter.

An extraordinary general meeting of shareholders has been called for December.