Category: Companies

Feb 29, 2012 (LBO) – Sri Lanka’s Fitch Ratings has cut the outlook on Sri Lanka’s Commercial Leasing and Finance (CLC) to ‘negative’ from ‘stable’ but confirmed its underlying rating at ‘A-(lka)’. Fitch said CLC could be relied upon for support from its parent Lanka Orix Leasing Company if required which had a rating one […]

Feb 29, 2012 (LBO) – Fitch Ratings has confirmed an ‘A-(lka) rating of Lanka Orix Finance Plc (LOFIN) saying it reflected its strong franchise among registered finance companies and is satisfactory financial profile. Fitch said a negative outlook on the rating came from a heightened risk profile of its parent, Lanka Orix Leasing Company Plc. […]

Feb 28, 2012 (LBO) – Fitch Ratings said it was withdrawing Hayleys MGT Knitting Mills Plc’s ‘BBB(lka)’ rating soon after it stopped ratings its parent, Hayleys Plc. “Fitch Ratings Lanka has withdrawn Hayleys MGT Knitting Mills PLC’s (HMGT) ‘BBB(lka)’ National Long-Term rating with a Negative Outlook,” Fitch said in a statement. “On the basis of […]

Jan 05, 2012 (LBO) – Ram Ratings has confirmed an ‘A’ long term rating of Sri Lanka’s Tokyo Cement Plc, on its market share and healthy balance sheet but said the industry was cyclical and the firm was not able to immediately pass on costs. Tokyo Cement has grinding plants and shares half the market […]

Dec 20, 2011 (LBO) – Fitch Ratings has confirmed an ‘A(lka)’ rating of Singer (Sri Lanka) Plc, with a stable outlook based on it being one of the largest consumer durable retailers and a pickup in business. Fitch said a cut in taxes had reduced grey-market activities in consumer durables and lower inflation and interest […]

Dec 06, 2011 (LBO) – Sri Lanka has raised a limit on the foreign holdings on Treasury bills to 12. 5 percent of outstanding government debt from 10 percent, the Central Bank said, amid rising interest pressure from the defence of a dollar peg. The raising on the foreign Treasuries holdings limit will increase “resource […]

Nov 25, 2011 (LBO) – An effective signal interest rate in Sri Lanka has edged up over 30 basis points over the week with the monetary authority withdrawing excess liquidity through a cash auction a higher rate. The 3-month auction Treasury bill rate which is controlled by the monetary authority increased 44 basis points to […]

Nov 17, 2011 (LBO) – Fitch Ratings Lanka has assigned Commercial Bank’s (CB) proposed subordinated debentures of up to a billion rupees a national long-term rating of ‘AA-(lka)’. “The proposed debentures are rated one notch below CB’s National Long-Term rating to reflect their debt-like features,” a statement said. The debentures will have a maturity of […]

Oct 05, 2011 (LBO) – Capital Alliance, an investment house active in equities and fixed income markets has been re-branded as CAL from October 2011 after 11 years of operations is looking to expand further into asset management and retail financing, the company said. Capital Alliance said it has become a key player in the […]

Aug 18, 2011 (LBO) – Sri Lanka’s John Keells Holding’s ‘AAA(lka)’ rating with a stable outlook was confirmed by Fitch Ratings which said the its gearing at holding company was low and dividends from operating units were strong. JKH’s record in funding acquisitions and expansion with a combination of pre-issued equity and retained profits helped […]

July 20, 2011 (LBO) – Fitch Ratings has assigned Sri Lanka’s forthcoming US dollar-denominated global bonds due 2021 an expected ‘BB-(exp)’ rating. “The final rating is contingent on the receipt of final documentation conforming to information already received,” it said in a statement. As the currency of settlement is specified as US dollars, the rating […]

July 19, 2011 (LBO) – Sri Lanka’s central bank, which manages the government’s debt welcomed an underlying sovereign rating and an outlook upgrade from two international agencies, at a time when bond markets in the US and Europe are in turmoil. Sri Lanka has already started a series of meetings or ‘investor updates’ with bond […]