Category: Companies

October 20, 2006 (LBO) – Citibank N.A. a unit of the Citigroup Inc., retained its AAA (lka) from Fitch Ratings Lanka Ltd, the agency said Friday. The local unit’s rating draws strength from its parent, Citigroup Inc (rated ‘AA+’). Given that the domestic entity is a branch using the ‘Citibank’ brand name and is operationally […]

October 11, 2006 (LBO) – Fitch Ratings affirmed Sri Lanka Telecom’s foreign currency debt as ‘BB-‘ negative outlook, while the telco’s local currency debt remains at AAA (lka), with a stable outlook. The ratings also acknowledge the uncertainties that persist in the regulatory environment, which is still developing. The risk evaluator also retained the BB- […]

Sept 29, 2006 (LBO) – The Finance Company Ltd (TFC) gets ‘BBB- (lka)’ national long-term rating from Fitch for its upcoming 500 million rupee 5-year unsecured subordinated redeemable debentures.The Finance’s senior debt currently carries a BBB (lka) from Fitch. As at June, 76 percent of TFC’s funding portfolio had maturities less than a year and […]

Sept 29, 2006 (LBO) – Fitch Ratings Lanka Friday affirmed its AA (lka) rating for NDB Bank following its merger with NDB Housing Bank. NDB tookover the assets and liabilities of NDB Housing Bank on Sept 1 after securing the blessings of Sri Lanka’s Central Bank. The merger helps NDB Housing to overcome Central Bank’s […]

Sept 13, (LBO) – Fitch Ratings has given a BB+ (lka) rating with a stable outlook for Industrial Finance Limited (IFL), a company which operates mainly in Sri Lanka’s western province, but the agency said it may have to relax credit policies and boost capital if it wanted to grow faster. Though the company had […]

September 11, 2006 (LBO) – Sri Lanka’s John Keells Holdings secured an AAA (lka) rating for the upcoming 2.0 billion rupee debenture, but Fitch Rating Lanka says the group depends too much on the transportation unit to generate cash revenues. The bluechip conglomerate is raising money to pay off short term debts built up during […]

August 30, 2006 (LBO) – Sri Lanka’s Senkadagala Finance Company Ltd retained its ‘BBB+(lka)’ rating from Fitch Ratings Lanka, the agency said Wednesday. The rating carries a ‘stable’ outlook and Fitch said they have also retained the same rating for Senkadagala’s four-year debenture ending in 2009. The rating reflects the family owned company’s good asset […]

August 30, 2006 (LBO) – Sri Lanka’s DFCC Bank plans to raise up to two billion rupees in debt capital to meet its long term credit expansion. The privately placed issue carries an AA-(lka) rating from Fitch Ratings Lanka with tenures ranging from five to 10 years. The unsecured subordinated redeemable debenture issue will be […]

August 30, 2006 (LBO) – Commercial Leasing Company Ltd’s senior debt has been rated A-(lka) by Fitch Ratings Lanka Ltd, the agency said Wednesday. The rating outlook is ‘stable’, the agency said adding that it also rides on the strength of company’s key shareholders: • Commercial Bank – rated AA+(lka) • Chemanex Ltd • Singer […]

August 28, 2006 (LBO) – Sri Lanka’s Aitken Spence & Co Ltd secured a AA(lka) rating for its upcoming 500 million debenture, but Fitch Rating Lanka expressed concerns on the group’s exposure to the monopoly state power distributor and a worsening ethnic conflict. The bluechip conglomerate is tapping the corporate debt market with a 500 […]

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 […]