Category: Companies

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 […]

July 19, 2012 (LBO) – RAM Ratings has confirmed an ‘Aa+’ rating of Sri Lanka’s Commercial Bank of Ceylon with a stable outlook. “The ratings are premised on the Group’s strong market position as Sri Lanka’s largest privately owned licensed commercial bank and third-largest overall..,” the rating agency said in a statement. “The ratings also […]

July 18, 2012 (LBO) – Sri Lanka’s People’s Leasing Company Plc, a unit of state-run People’s Bank, has been rated at ‘B+’ with a ‘stable’ outlook, by Fitch Ratings on the expected support from the parent. The full statement is reproduced below Fitch Rates Sri Lanka’s People’s Leasing ‘B+’; Outlook Stable Fitch Ratings-Mumbai/Colombo-18 July 2012: […]

July 12, 2012 (LBO) – Sri Lanka’s Lanka Orix Leasing Company Plc, has been rated ‘[SL] A-‘ with a stable outlook by ICRA Ltd, an associate of Moody’s Investors Service. “The rating factors the LOLC Group’s long track record of profitable operations, its position as the market leader in the Sri Lankan leasing business market, […]

June 18, 2012 (LBO) – Sri Lanka’s Fitch Ratings has confirmed state-run National Savings Bank’s ‘AAA(lka)’ rating with a stable outlook based on continued state support for the bank and keeping to its mandate. “The rating action follows the halting and subsequent reversal of, a transaction by NSB to acquire shares in The Finance Company […]

June 08, 2012 (LBO) – Sri Lanka’s Fitch Ratings has given an ‘A(lka)’ rating to a planned 500 million rupee, senior unsecured debenture to be sold by Sampath Leasing and Factoring Ltd, with a positive outlook. The bond will pay a semi-annual fixed rate interest and will be repaid in the third and fourth year […]

Apr 29, 2012 (LBO) – Sri Lanka’s Central Finance Company Plc, said it was planning to raise 700 million from a sale of unlisted debt. NDB Investment Bank will structure and place the deal. Central Finance plans to sell 700,000 unlisted, unsecured, redeemable debentures of 1,000 rupees each. .

Apr 29, 2012 (LBO) – Sri Lanka’s Lanka Orix Finance Company Ltd Plc, said it had placed three billion rupees of 7-year debt in February 2011. The firm said in a stock exchange filing that two billion rupees of debt was placed with Saakya Capital (Pvt) Ltd and one billion with Satya Capital (Pvt) Ltd, […]