Category: Companies

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 23, 2006 (LBO) – Singer (Sri Lanka) Ltd is raising 600 million rupees in debt through an unlisted, unsecured debenture, the consumer goods retailer said Friday. Operating for over 100-years, Singer’s success largely stems from strong and well established brand name and its extensive islandwide network of outlets. The four-year issue will also carry […]

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 […]

June 2, 2006 (LBO) – State-run Bank of Ceylon is actively pursuing to raise around 250 million dollars through a syndicated loan from foreign banks with offices in Sri Lanka, market sources said.Last year, Bank of Ceylon raised 130 million dollars via a two-year syndicated loan to finance its ongoing trading facilities including oil imports […]

June 1, 2006 (LBO) – Sri Lanka’s conglomerate Hayleys Ltd’s credit outlook Thursday was downgraded to ‘AA (lka)’ by Fitch Ratings Lanka, to reflect the group’s weak earnings.Hayleys is one of Sri Lanka’s old conglomerates with diversified interest including the making and exporting fibre-based products, rubber gloves and coconut-based activated carbon, sale of agriculture-related equipment […]

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 […]

May 23 (LBO) – Lanka Ratings gave Alliance Finance Company a stable long-term BBB2 (triple B two) rating on Tuesday, for its healthy asset quality and performance. “Due to its prudent policies, AFC’s asset quality is expected to remain healthy in the immediate term.” Pre-tax profits have been showing a steady increase over the past […]

Apr. 27 (LBO) – US credit ratings agency Standard & Poor’s Thursday cut Sri Lanka Telecom’s credit outlook to negative from stable, in the wake of escalating violence, which may result in the country slipping back to war. The cash rich operator posted net profits of 3,093 million rupees, while revenues surged 10 percent to […]

Apr. 27 (LBO) – International rating agencies Fitch and Standard & Poor’s Thursday cut Sri Lanka’s credit outlook to negative from stable, reflecting the island’s worsening security situation. Should the violence become more widespread, adversely affecting the economy, public finances and donor inflows, Sri Lanka’s sovereign ratings could be downgraded, both agencies said. – Mel […]

Apr.25 (LBO) – Fitch Ratings Lanka Tuesday announced changes to their national ratings scale for Sri Lanka to be line with the agency’s global definitions. National ratings are designed for use of investors in local markets, and also give an indication as to the creditworthiness for rated entities in the country. The best risk within […]