Category: Companies

Mar 20, 2014 (LBO) – Sri Lanka’s Softlogic Retail (Pvt) Ltd, a consumer durables and apparel retailer has been given a ‘BBB-‘ domestic rating by RAM Ratings Lanka. ” The ratings are upheld by the Company’s strong competitive position backed by its diversified target markets and a retail branding strategy which caters to the various […]

Mar 05, 2014 (LBO) – Sri Lanka’s First Capital Holdings Plc said it had raised 500 million rupees from a debt issue which was oversubscribed on the opening day. The company offered 5 million senior, unsecured, redeemable debentures of 100 rupees each. “We are greatly encouraged by the investor confidence implicit in the extremely positive […]

Mar 05, 2014 (LBO) – Fitch Ratings said it had confirmed a ‘BBB(lka)’ rating of Sri Lanka’s HDFC Bank, a mortgage lenders, with stable outlook. Fitch said the rating reflected a 51 percent ownership of the state which is expected to bring support. The ratings could be affected if it is merged or acquired by […]

Mar 04, 2014 (LBO) – Fitch Ratings said it was confirming ‘AAA(lka)’ domestic and ‘BB’ international ratings of Sri Lanka Telecom, but the local rating could be downgraded if a debt funded acquisition goes through. Sri Lanka Telecom is in talks to acquire Hutchison Telecommunications Lanka (Pvt) Ltd, which has 800,000 subscribers. Fitch said leverage […]

Feb 28, 2014 (LBO) – HSBC said it had lead-arranged a 100 million US dollar 5-year loan for Sri Lanka Telecom (SLT) with the participation of Colombo-based Sampath Bank.Sampath Bank managing director Aravida Perera was quoted as saying in addition to taking part in syndicated finance for SLT, the bank has also provided services such […]

Jan 21, 2014 (LBO) – State-run SriLankan Airlines is seeking at least 275 million US dollars in foreign financing, a top official said as the airline is on track to acquire new Airbus aircraft. Sri Lanka’s state has promised a 500 million US dollar injection to the airline over five years to recapitalize the airline. […]

Dec 19, 2013 (LBO) – Fitch Ratings has confirmed a ‘AAA(lka)’ rating of Distilleries Company of Sri Lanka with a stable outlook. Fitch said it had a strong market share of 60 percent for local alcohol production but was vulnerable to illicit products amid tax hikes. Potential debt funded acquisitions change the group’s risk profile. […]

Dec 14, 2013 (LBO) – A debt sale by Sri Lanka’s Senkadagala Finance Plc has received applications for 1.3 billion rupees, the firm said.The issue opened and closed on December 06 with 147 applications coming in for the 5-year subordinated debentures. The debenture proceeds are used to boost capital and future lending. Senkadagala Finance said […]

Dec 12, 2013 (LBO) – Sri Lanka’s Nations Trust Bank said its 3.0 billion rupee 5-year debenture offer was oversubscribed within hours of opening.The bank is offering 30 million 100 rupee debentures paying 13 percent every six months, giving an annual effective yield of 13.42 percent. The issue had drawn more than 5.0 billion rupees […]

Dec 10, 2013 (LBO) – Sri Lanka’s Central Finance Plc, a registered finance company has received more than 2.0 billion rupees of orders for its listed debt issue. Central Finance offered 20 million 100 rupee secured redeemable debentures.Managers to the sale, NDB Investment Bank said the issue was oversubscribed shortly after opening and will close […]

Dec 03, 2013 (LBO) – A two billion rupee debt issue by Sri Lanka’s Abans Limited, which has interests in consumer durables has been rated ‘A-(lka)’, Fitch Ratings said.The rating is the same as the senior debt of the company. The full statement is reproduced below:- Fitch Rates Abans’s Debentures Final ‘A-(lka)’ 02 Dec 2013 […]

Nov 29, 2013 (LBO) – Sri Lanka’s MCSL Financial Services is planning a 500 million rupee subordinated debt issue, which has been rated ‘BBB-(lka)’ Fitch ratings said. MFSL’s National Long-Term Rating could be revised in the event of a change in the willingness and/or ability of BOC to support the company. This would include any […]