Category: Companies

Nov 23, 2012 (LBO) – Sri Lanka’s People’s Finance Plc, has been placed on rating watch positive by Fitch Ratings, putting it on track to be upgraded by two levels to ‘AA-(lka)’ once a merger with its parent, People’s Leasing and Finance Plc, is completed. The full statement is reproduced below Fitch Places People’s Finance […]

Nov 14, 2012 (LBO) – A sale of 5-year debenture of up to 6. 0 billion rupees by state-run Bank of Ceylon, due to open on November 15 has seen strong demand and is expected to close quickly, an official said. P A Lionel, deputy general manager treasury and investments of Bank of Ceylon said […]

Nov 13, 2012 (LBO) – Fitch Ratings said a ‘BBB(lka)’ rating of Senkadagala Finance has been confirmed with a stable outlook. “SFC’s rating reflects its long operating history and good credit profile which has been maintained through economic cycles, supported by sound credit controls, low refinancing risk and high profitability,” the rating agency said. “However, […]

Nov 05, 2012 (LBO) – Sri Lanka’s DFCC Bank said group profits rose 55 percent to 819 million rupees in the September 2012 quarter from a year earlier, and its commercial banking unit hit regulatory ceiling on credit growth. DFCC group performing loans grew 7.5 percent to 90.9 billion rupees from March, but chief executive […]

Nov 01, 2012 (LBO) – Sri Lanka’s People’s Leasing Company, the country’s largest leasing firm is planning a billion rupees commercial paper sale, which has been given a short term ‘F1+(lka) rating, Fitch Ratings said. People’s Leasing has a long term rating of ‘AA-(lka)’ from Fitch. The leasing firm is a unit of state-run People’s […]

Nov 01, 2012 (LBO) – Sri Lanka’s Dialog Axiata, a unit of Malaysia Axiata, said it was planning to sell a Malaysian Ringgit denominated ‘Sukuk’ Islamic financial instrument to raise about 51 billion rupees (366 million US dollars). The proposed ‘Sukuk Murabahah’ programme for 1.2 billion Malaysian ringgit will have a tenor of 15-years. The […]

Oct 03, 2012 (LBO) – RAM Ratings has given a ‘BBB+’ long term rating with a stable outlook to First Capital Holdings, an investment company with interests securities dealing, margin trading and portfolio management. First Capital Holdings’ 500 million rupees worth unsecured commercial paper had been give a ‘P2’ rating. RAM Rating said the firm […]

Sept 24, 2012 (LBO) – Sri Lanka’s Ceylon Income Fund, which invests mainly in corporate debt has been rated ‘A-(lka)’ by Fitch in the first rating of a fund in Sri Lanka, the agency said. “Fitch has rated the fund on the basis of its understanding that the majority of investors in the fund are […]

Sept 21, 2012 (LBO) – Sri Lanka’s People’s Leasing Company Plc, a unit of state-run People’s Bank is planning to sell 500 million rupees of one year commercial paper which has been rated ‘F1+(lka)’, Fitch Ratings said. People’s Leasing is the largest non-bank financial institution in Sri Lanka by advances, with a 21 percnet share […]

Aug 29, 2012 (LBO) – Fitch has rated a proposed billion rupee redeemable debt sale by Singer Sri Lanka, a consumer durables retailer ‘A(lka)’ with a stable outlook. “The rating reflects Singer’s market position as one of Sri Lanka’s largest consumer durables retailers, as well as its established franchise and extensive distribution network,” Fitch Ratings […]

July 27, 2012 (LBO) – Sri Lanka could borrow abroad more on the back of strong interest for sovereign bonds and active encouragement by authorities but the government and companies have to manage risks, Fitch, a rating agency has said. “There is a cost benefit in sourcing external debt for most issuers, but risks need […]

July 27, 2012 (LBO) – Sri Lanka’s Seylan Bank has rated given a ‘BBB+(lka)’ rating for a proposed 2.0 billion rupee subordinated bond rated one notch below the bank’s ‘A-(lka)’ national rating. “Seylan’s National Long-Term Rating is driven by implied extraordinary support from the State of Sri Lanka during financial distress, given the bank’s systemic […]