Category: Companies

August 4, 2006 (LBO) – Singer (Sri Lanka) Ltd has opted to accept up to 800 million rupees in debt after its initial 600 million rupee debenture issue was oversubscribed. Fitch Ratings Lanka, which gave the initial four-year issue a A+(lka) rating said Friday that they were extending the same scale to the extra 200 […]

August 2, 2006 (LBO) – Merchant Bank of Sri Lanka Wednesday picked up an AA3 rating from Lanka Rating Agency for their long-term senior debt, the agency said.MBSLs liquidity position had also improved significantly during the year whilst its gearing ratio had been maintained at 1.25 times its shareholders’ funds. The agency, which gave the […]

August 01, 2006 (LBO) – Fitch Ratings Lanka Tuesday assigned a ‘BBB (lka)’ to Merchant Credit of Sri Lanka for their long-term debt and said the company should pump in more money to beef up their capital base.With 2.2 billion rupees in assets as at December ’05, Merchant Credit’s ownership is split between Bank of […]

July 26, 2006 (LBO) – Fitch Ratings said Wednesday it has upgraded Sri Lanka’s Nations Trust Bank’s long-term debt to A(lka) with its outlook on the rating to “stable”. The ratings agency said the revision mainly reflects NTBs stronger financial profile, equity infusion post merger with Mercantile Leasing Ltd (MLL) and an expanded asset base. […]

July 26, 2006 (LBO) – Fitch Ratings Lanka Wednesday has upgraded the Lease Backed Trust Certificates issued by People’s Leasing Trust Nine to ‘A+(lka)’ from ‘A(lka)’. People’s Leasing trust nine, is a special purpose vehicle created by People’s Leasing Company of Sri Lanka (PLC) for the sole purpose of this transaction. The rating action says […]

July 5, 2006 (LBO) — Finance company Mercantile Investments Ltd, plans to float a fully-owned subsidiary to hold their leisure investments, a credit rating report said.George Ondaatjie family, which controls 56 percent of Mercantile Investments, currently owns these investments as associate companies. Mercantile Investments has three associate companies catering to the tourism segment: Royal Palms […]

June 26, 2006 (LBO) – Singer (Sri Lanka) Ltd secured a A+(lka) ratings for their upcoming four-year 600 million rupee debenture from Fitch Ratings Lanka, the rating agency said Monday. Fitch also affirmed Singer’s outstanding debentures: • 200 million rupees 2004/2008 • 250 million rupees 2004/2008 • 300 million rupees 2005/2009 • 400 million rupees […]

June 26, 2006 (LBO) – Fitch Ratings Lanka on Monday assigned a ‘BBB-(lka)’ rating for People’s Merchant Bank’s long-term debt, citing its parental backing and conservative management techniques, as a reason for it. “The rating reflects the potential support from its shareholders particularly People’s Bank (rated ‘A-(lka)’, which currently owns 39.0 percent of PMBs shares […]

June 22, 2006 (LBO) – The Bank of Ceylon is to increase foreign borrowings to 400 million dollars this year, to boost Sri Lanka’s balance of payments and give more fiscal space for the government, a senior government source said.The bank has already called for proposals from foreign banks to raise 200 million dollars through […]

June 6, 2006 (LBO) – Sri Lanka’s Ceylease Financial Services – a unit of Bank of Ceylon – needs to pump up its capital to support their low income base and future provisional charges, Fitch Ratings Lanka warned Tuesday. Fitch, which assigned a ‘BBB-(lka)’ rating to Ceylease, says the credit rating reflects the firm’s parental […]

May 31, 2006 (LBO) – Hatton National Bank Ltd, the island’s fourth largest lender in terms of assets, got its credit profile upgraded to ‘A+(lka)’ by Fitch Ratings Lanka. With a positive outlook, the upgrade also elevates HNBs subordinated debt to ‘A (lka)’ from ‘A-(lka)’, the rating agency said Wednesday. Fitch gave HNB good marks […]

May 29, 2006 (LBO) – Sri Lanka’s pioneering leasing firm Lanka Orix Leasing Company has secured an ‘A (lka)’ credit rating from Fitch Ratings Lanka. Part Japanese owned, LOLCs credit outlook is stable, the rating agency said Monday. “The rating takes into account the less diversified funding sources available to specialised leasing companies such as […]