Category: Companies

July 11, 2011 (LBO) – Fitch Ratings Lanka has assigned Nations Trust Bank’s (NTB) proposed subordinated debentures of up to two billion rupees a National Long-Term rating of ‘A-(lka)’. The John Keells group and the Central Finance group hold 29. 9 percent and 20 percent of NTB’s equity. The issue is rated one notch below […]

Dec 03, 2010 (LBO) – Singer Sri Lanka, a unit of Dutch-based Retail Holdings, has raised 1. 4 billion rupees through a mix of a loan and an unsecured redeemable debenture, placement agent NDB Investment Bank (NDBIB) said. NDBIB said Singer raised 400 million rupees through an unsecured loan and one billion rupees through an […]

Nov 12, 2010 (LBO) – Sri Lanka’s Hayleys’ rating has been place on a ‘negative’ watch after the firm took on 2. 0 billion rupees in debt to buy Alumex, an aluminum extrusion company for 2.1 billion rupees, Fitch Ratings Lanka said. The ‘rating watch negative’ could result in a downgrade of the firm’s AA-(lka) […]

Nov 10, 2010 (LBO) – Sri Lanka’s Asiri Hospitals group profit fell 52 percent to 23.3 million rupees though revenues rose 22. 2 percent to 1,197 million rupees in the September 2010 quarter from a year earlier, interim accounts showed. Administrative costs rose 54 percent to 324 million rupees. Finance costs also rose 36 percent […]

Oct 04, 2010 (LBO) – Sri Lanka’s Lankem Ceylon, a strong player in the island’s agro chemicals market has been given a long term rating ‘A-‘ by RAM Ratings Lanka with a stable outlook. “The ratings reflect stable demand for agrochemicals and dominant market positions in most business lines; however the ratings are pressured by […]

Oct 04, 2010 (LBO) – Sri Lanka Telecom, the island’s largest fixed access operator, may raise 125 million US dollars from bonds to fund expansion if the terms are right, as business conditions in the island improve, an official said. “We want to raise 125 million US dollars,” SLT’s chief financial officer Shiron Gooneratne said. […]

June 07, 2010 (LBO) – Sri Lanka’s John Keells Holdings has retained its ‘AAA(lka)’ rating with a ‘stable’ outlook with strong cashflows from dividends of its container terminal in Colombo port, Fitch Ratings said. “JKH’s ratings reflect its strong financial profile as a result of strong dividend inflows to its parent, significantly low net-debt level […]

May 31, 2010 (LBO) – Fitch Ratings said it had confirmed an ‘AA-(lka)’ rating on Sri Lanka’s Hayleys Ltd, on expected higher profitability of operating subsidiaries though its debt has increased due a recent purchase of a hotel. “Weak global economic conditions and currency fluctuations, especially with a weaker Euro, can exert pressure on the […]

Jan 08, 2010 (LBO) – Sri Lanka’s Housing Development and Finance Corporation (HDFC) is planning a medium term debenture to be sold during the first quarter of the year to cut funding costs, an official said. The debenture, which is yet to be valued, will be for a period of 5 to 7 years, Suresh […]

Oct 14, 2009 (LBO) – An upcoming US dollar denominated sovereign bond issue by Sri Lanka which is due to mature in 2015 has been rated ‘B+’, in line with the country’s long term foreign currency rating, Fitch Ratings said. “A more robust revenue performance would provide greater fiscal flexibility in addressing post-war spending needs, […]

Oct 14, 2009 (LBO) – Standard and Poor’s has give a ‘B’ rating to an upcoming 500 million US dollar sovereign bond by Sri Lanka maturing in 2015, with a ‘stable’ outlook citing a deal with the International Monetary Fund that has improved foreign reserves. “The sovereign credit ratings on Sri Lanka take into account […]

July 19, 2009 (LBO) – Sri Lankans living overseas and foreigners can earn a higher interest by investing in US dollar denominated Sri Lanka Development Bonds (SLDBs) through the Commercial Bank of Ceylon, a statement by the bank said. Commercial Bank’s Head of Global Treasury Dula Weeratunga said that under the scheme, the Income Tax […]