Category: Companies

Sep 24, 2014 (LBO) – Sri Lanka Industrial association says despite conducive interest rates and stable inflation, the weakening of the islands ‘private sector credit growth is not healthy to achieve economic targets.Speaking further Jayasinghe said it is needed to have a sound and clear industrial policy frame work to increase the industry sector contribution […]

Sep 12, 2014 (LBO) – Sri Lanka’s Fitch Ratings has affirmed “BB” rating for the issue of US dollar dominated notes which is due 2019 of Sri Lanka-based National Savings Bank, the rating agency said in a media statement. NSB’s ratings are: Long-Term Foreign Currency IDR: ‘BB-‘; Outlook Stable Long-Term Local Currency IDR: ‘BB-‘; Outlook […]

September 03, 2014 (LBO) – Sri Lanka’s People’s Leasing and Finance said it will sell up to 3.0 billion rupees, listed debentures with subscriptions opening on September 15.About 30,000,000 senior unsecured redeemable rated debentures will be issued at a price of 100,000 rupees each, the announcement said. The bank said this in an announcement of […]

July 28, 2014 (LBO) – Sri Lanka’s Lanka Rating Agency, formerly RAM Ratings Lanka.said it had entered struck deal get technical assistance and training from India’s CRISIL. The majority shareholder of CRISIL is Standard and Poor’s.Lanka Ratings Agency Chairman Preethi Jayawardena said CRISIL had provided technical assistance to other rating agencies including RAM in Malaysia […]

July 02, 2014 (LBO) – Fitch Ratings said it had given an ‘A-(lka)’ expected rating to a planned Singer (Sri Lanka) debenture issue of up to 1.5 billion rupees. The senior unsecured debentures are rated the same as Singer (Sri Lanka) Plc. Fitch said the 3-year fixed rate debenture proceeds will be used to refinance […]

June 17, 2014 (LBO) – Fitch Ratings has given a ‘BB- (EXP) rating for a proposed government guaranteed dollar bond by SriLankan Airlines. The full statement is reproduced below:- Fitch Rates SriLankan Airlines’s Guaranteed USD Bonds ‘BB-(EXP)’ Fitch Ratings-Singapore/Colombo-17 June 2014: Fitch Ratings has assigned SriLankan Airlines Limited’s (SLA) proposed issue of US dollar denominated […]

May 23, 2014 (LBO) – Sri Lanka’s Kotagala Plantations Plc said it had received orders of over a billion rupees for a stock exchange listed debenture offer. The firm planned to use 250 million rupees to repay an 18 percent term loan, 400 million rupees to settle an overdraft at 15.5 percent and 50 million […]

May 22, 2014 (LBO) – Fitch Ratings has downgraded Sri Lanka’s Singer Finance Lanka Plc’s (SFL) rating by one level to ‘BBB(lka)’ with a ‘stable’ outlook following a cut in the rating of its parent, Singer Sri Lanka Plc. RATING SENSITIVITIES- NATIONAL RATINGS AND SENIOR DEBT A weakening in SFL’s intrinsic strength would only trigger […]

May 12, 2014 (LBO) – Sri Lanka’s Kotagala Plantations, has been given the nod to sell up to a billion rupees in debt, the Colombo Stock Exchange said.The investment banking unit of People’s Bank will manage the sale.The firm will offer 5 million secured rated debt securities of 100 rupees each and another 5 million […]

May 02, 2014 (LBO) – RAM Ratings (Lanka) Ltd, said its name has been changed to Lanka Rating Agency Ltd, following the exit of its Malaysian shareholder RAM Holdings LRA said it was also gaining technical assistance from a global rating agency. The agency there were no changes to the currently adopted standards and no […]

Apr 17, 2014 (LBO) – Sri Lanka’s Richard Pieris Company Ltd, has been given the nod to sell 3. 5 billion rupees in debt, the Colombo Stock Exchange said. The firm will offer 30 million unsecured redeemable debentures of 100 rupees each with an option to sell a further 5 million in case the first […]

Apr 11, 2014 (LBO) – Sri Lanka’s Softlogic Holdings Plc, has been downgraded by one notch from ‘A-(lka)’ to ‘BBB+(lka)’ which is still in the investment grade, with a ‘stable; outlook by Fitch. “The downgrade reflects Fitch’s expectation of a sustained weakness in SHL’s financial profile at the holding company level, primarily because of debt-funded […]