Category: Companies
S&” rating confirmed
Oct 09, 2007 (LBO) – Standard and Poor’s has confirmed Sri Lanka’s B+ sovereign rating on the eve of a maiden global bond offer, but warned that excessive commercial borrowing could reduce support for the rating. Fitch Ratings had given the bond a BB- rating, a notch higher than S&P but with a negative outlook. […]
Merchant Bank of Sri Lanka diversifies into property, personal loans
May 16, 2007 (LBO) – Merchant Bank of Sri Lanka, a subsidiary of Bank of Ceylon, is considering diversifying into property development to boost its profitability and revenue composition.MBSL also commenced granting personal loans apart from its leasing and hire purchase portfolio, the bank said in a statement on its debenture issue that opened last […]
Dialog Sri Lanka preference shares get AA+ rating from Fitch
April 20, 2007 (LBO) – Dialog Telekom’s five billion rupee preference share issue had been rated AA+ (lka), a notch below the telco’s senior debt rating of AAA (lka), Fitch Ratings said Friday. The company is 87.67 percent owned by Telekom Malaysia Berhad. “The one-notch difference between the issuer and preference shares’ ratings reflects the […]
State-run Bank of Ceylon to raise US$ 100 mn syndicated loan
January 8, 2007 (LBO) – Sri Lanka’s state-run Bank of Ceylon plans to tap the international capital markets early this year to raise 100 million dollars via a three-year syndication loan, a senior official said. The deal, arranged with sole bookrunner HSBC, was earlier scheduled for late last year.Bank of Ceylon was forced to pull […]
Fitch gives A+(lka) for Sampath Bank debentures
January 4, 2007 (LBO) – Sri Lanka’s Sampath Bank Thursday secured a A+(lka) rating from Fitch Ratings Lanka for its upcoming four year 300 million rupee debenture issue. The rating reflects Sampath’s relatively good profitability, improving asset quality, enhanced provision coverage and resulting good solvency, Fitch said. Sampath’s capitalisation levels have decreased due to loan […]
S&’s B+ rating; negative outlook remains on war fears
December 21, 2006 (LBO) – International rating agency Standard & Poor’s Thursday retained Sri Lanka’s B+ rating, but warned the island needs to make headway to tackle reforms and make a tangible progress in settling its long running separatists conflict. In April S&P downgraded Sri Lanka’s credit outlook to negative from stable, amidst an escalation […]
Consumer goods giant Singer goes for LKR300 mn debenture
December 18, 2006 (LBO) – Consumer goods giant Singer (Sri Lanka) is issuing a 300 million rupee debenture to support its growing hire purchase business. The unsecured four-year issue will not be listed but will carry a A+(lka) rating from Fitch Ratings Lanka Ltd, Singer’s Company Secretary, Asoka Pieris said Monday. Earlier in the year, […]
‘s Commercial Bank raises debt to fund expansion; meet new regulatory guidelines
November 29, 2006 (LBO) – Sri Lanka’s Commercial Bank of Ceylon is coming out with a debt issue to meet Central Bank’s new capital requirement and fund ongoing credit expansions, officials said Wednesday. The island’s biggest private bank in terms of assets, is issuing a 1.5 billion rupee debenture with tenures ranging from 5-10 years. […]
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November 13, 2006 (LBO) – HDFC Bank, Sri Lanka’s largest housing bank, retained its ‘AA-(lka)’ rating for their home loan securitization trust series, Fitch Ratings Lanka said Monday. The rating is for the timely interest payment and the ultimate payment of principal. The pass-through certificates or PTCs are backed by a pool of residential mortgage […]
Fitch rates six Sri Lankan Regional Development Banks
Nov 13, 2006 (LBO) – Six Regional Development Banks or RDBs secured investment grade ratings from Fitch Ratings Lanka, who said the risk evaluation took into account the banks’ higher risk profiles. The lack of automation has been one of the key constraints in this area. The six: • Rajarata Development Bank – ‘BBB+(lka)’; • […]
Fitch rates Seylan Bank’s debt; says bank needs fresh capital, tight risk management
November 2, 2006 (LBO) – Fitch Ratings Lanka has given a ‘BBB+(lka)’ rating for Seyl Bank’s upcoming five year unsecured subordinated redeemable debentures, the rating agency said Thursday. Seylan’s long-term debt is rated A-(lka) by Fitch with a stable rating outlook. The ratings reflect Seylan’s market position as the fifth-largest licensed commercial bank in Sri […]
HSBC to raise US$ 100 mn syndication loan for Sri Lanka’s Bank of Ceylon
November 01, 2006 (LBO) – Global banking giant HSBC is in the process of finalizing a 100 million dollar syndicated loan for Sri Lanka’s Bank of Ceylon, its President and CEO, Michael R P Smith said Wednesday.“We have been in Sri Lanka for nearly 114 years and we are confident that you can overcome your […]