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Fitch downgrades Sri Lanka financial institutions on sovereign downgrade
Dec 05, 2018 (LBO) – Fitch Ratings has downgraded the Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) of the following Sri Lanka-based financial institutions following the downgrade of Sri Lanka’s sovereign rating: – National Savings Bank (NSB) to ‘B’ from ‘B +’; Outlook Stable – Bank of Ceylon (BOC) to ‘B’ from ‘B +’; Outlook […]
Hayleys crowned winner at CA Sri Lanka 54th Annual Report Awards
Leading conglomerate, Hayleys PLC triumphed at the 54th Annual Report Awards winning the coveted ‘Cyril Gardiner Memorial Trophy’ Gold Award for Overall Excellence in Annual Financial Reporting at the grand finale held on Tuesday, 04th December 2018. John Keells Holdings PLC won the silver award, while Commercial Bank of Ceylon PLC came in third with […]
” on sovereign downgrade
Fitch Ratings has downgraded the Insurer Financial Strength (IFS) rating of Sri Lanka Insurance Corporation (SLIC) to ‘B’ from ‘B+’. The Outlook is Stable. The rating action follows the downgrade of Sri Lanka’s Long-Term Local-Currency Issuer Default Rating (IDR) to ‘B’ from ‘B+’ (see “Fitch Downgrades Sri Lanka to ‘B’; Outlook Stable,” dated 3 December […]
Sri Lanka tourism launches new brand to attract millennials : OBG
Dec 05, 2018 (LBO) – A rebranded Sri Lankan tourism industry is looking to increase visitor footfall through multi-pronged marketing efforts, while seeking to shake off concerns over recent political developments. Unveiled at London’s World Travel Market 2018, the slogan aims to capture the diversity, richness and authenticity of Sri Lanka, with a focus on young […]
Fitch downgrades ratings of SriLankan Airlines bond & Sri Lanka Telecom
Dec 05, 2018 (LBO) – Fitch Ratings has downgraded the ratings on SriLankan Airlines 175 million US dollars government-guaranteed bonds due in June 2019 and Sri Lanka Telecom Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to ‘B’ from ‘B+’. This follows the downgrade of Sri Lanka’s Long-Term Foreign and Local-Currency Issuer Default Ratings to ‘B’ […]
CK Hutchison and Etisalat complete combination of their operations in Sri Lanka
Dec 05, 2018 (LBO) – Emirates Telecommunications Group Company PJSC (“Etisalat Group”) has completed the sale of its 100 percent shareholding in Etisalat Lanka (Private) Limited (“ESL”) to Hutchison Telecommunications Lanka (Private) Limited (“Hutch Lanka”).Upon completion of the sale, CK Hutchison Holdings Limited group will have a majority and controlling stake of 85 percent whilst […]
We are not willing to use elections to bypass the constitution – Ranil
December 5, 2018 (LBO) – Leader of the UNP Ranil Wickremesinghe in a press conference today at Temple Trees reiterated his party’s firm stance that they are not willing to use elections as a means of bypassing the constitution. While also telling media that they are ready for elections, he reiterated that the legitimate constitutional […]
Central Bank of Sri Lanka hosts 54th SEACEN Governors’ Conference
The Central Bank of Sri Lanka hosted the 54th SEACEN Governors’ Conference / High-Level Seminar and the 38th Meeting of the SEACEN Board of Governors in Colombo from 29 November to 02 December 2018. These events were attended by Governors and delegates of SEACEN member Central Banks and Monetary Authorities. The Deputy Managing Director of […]
‘s Central Bank disputes rating agencies’ latest rating decisions
Dec 04, 2018 (LBO) – Sri Lanka’s Central Bank says it is of the view that the decisions by Fitch Ratings and Standard and Poor’s (S&P Global Ratings) to downgrade Sri Lanka’s Long-Term Rating to ‘B’ are based on uncorroborated facts on the country’s macroeconomic fundamentals. Full Statement The Central Bank of Sri Lanka (CBSL) […]
Cruise ships calling Port of Colombo up 29-pct in 2018
Dec 04, 2018 (LBO) – A remarkable growth of cruise ships calling at the Port of Colombo has been reported in this year, Sri Lanka Ports Authority said. According to the authority, 45 cruise ships have been called at Port of Colombo for the first 10 months of this year which is a 28.8 percent growth against […]
” amidst political crisis; outlook stable
Dec 04, 2018 (LBO) – Fitch Ratings has downgraded Sri Lanka’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘B’ from ‘B+’, with a stable outlook. Fitch Ratings said the downgrade reflects heightened external refinancing risks, an uncertain policy outlook, and the risk of a slowdown in fiscal consolidation as a result of an ongoing political crisis. KEY […]
GSK to divest Horlicks and other consumer healthcare nutrition products to Unilever
Dec 03, 2018 (LBO) – GlaxoSmithKline plc (LSE/NYSE: GSK) today announced the divestment of Horlicks and other consumer healthcare nutrition brands to Unilever plc (“Unilever”) and the merger of GSK Consumer Healthcare Limited (“GSK India”) with Hindustan Unilever Limited (“HUL”). The value of the deal was approximately £3.1 billion based on the 15-day volume weighted average […]