Category: Companies

Jan 15, 2013 (LBO) – Sri Lanka’s DSI Holdings, which has market leadership in footwear helped by import protection has been downgraded one level to ‘BBB+(lka)’ with a negative outlook by Fitch. The rating agency said the company’s leverage had remained at levels more in line with ‘BBB+(lka)’ rated firms. The negative outlook indicated that […]

Jan 07, 2013 (LBO) – Sri Lanka’s Ceylease Ltd rated ‘BB+(lka)’ has been put on positive rating watch pending a merger with MCSL Financial Services Limited, which is rated a notch higher at ‘BBB(lka)’. “Fitch will upgrade CL’s rating to align with MFSL’s rating upon the conclusion of the merger,” the rating agency said in […]

Jan 01, 2012 (LBO) – RAM Ratings said it had confirmed an ‘AA-‘ rating of Sri Lanka’s Hayleys group, a diversified group with interests in export manufacturing, agriculture and power, with a stable outlook. “The ratings are upheld by the Group’s diversified business portfolio, strong market positions in several key businesses coupled with the Group’s […]

Dec 22, 2012 (LBO) – Commercial paper of 250 million rupees to be issued by Sri Lanka’s Abans (Pvt) Ltd, a consumer durables maker has been rated ‘F2(lka)’ with a stable outlook by Fitch. The money will be used to fund working capital of the company. The full statement is reproduced below: Fitch Rates Abans’s […]

Dec 20, 2012 (LBO) – Fitch Ratings said Distilleries Company of Sri Lanka Plc, has been rated AAA(lka) with a stable outlook helped by its market leadership in spirits, steady demand and entry barriers to new entrants. “Fitch views the high and frequent increases in top-line taxes on spirits as a regulatory risk, which has […]

Nov 29, 2012 (LBO) – Fitch Ratings has downgraded Sri Lanka’s HDFC Bank, a mortgage lender by one level to ‘BBB(lka)’ as its profits came under pressure from rising interest rates. “The downgrade reflects the bank’s inability to swiftly re-price its existing housing loan portfolio to avert deterioration in profits as market interest rates started […]

Nov 27, 2012 (LBO) – The conversion of Sri Lanka’s People’s Leasing and Finance into a licensed finance company would imposed a higher regulatory capital charge but its ‘B+’ stable rating would remain unchanged, Standard and Poor’s said. People’s Leasing and Finance is expected to become a licensed finance company (LFC) in mid 2013 and […]

Nov 27, 2012 (LBO) – Sri Lanka’s Peoples Leasing and Finance will sell 2.0 billion rupees of commercial paper with a tenor of up to an year, which has been given an ‘F1+(lka)’ short term rating, Fitch Ratings said. People’s Leasing has a ‘B+’ international rating and ‘AA-(lka)’ domestic long term rating. The firm is […]

Nov 23, 2012 (LBO) – Sri Lanka’s People’s Finance Plc, has been placed on rating watch positive by Fitch Ratings, putting it on track to be upgraded by two levels to ‘AA-(lka)’ once a merger with its parent, People’s Leasing and Finance Plc, is completed. The full statement is reproduced below Fitch Places People’s Finance […]

Nov 14, 2012 (LBO) – A sale of 5-year debenture of up to 6. 0 billion rupees by state-run Bank of Ceylon, due to open on November 15 has seen strong demand and is expected to close quickly, an official said. P A Lionel, deputy general manager treasury and investments of Bank of Ceylon said […]

Nov 13, 2012 (LBO) – Fitch Ratings said a ‘BBB(lka)’ rating of Senkadagala Finance has been confirmed with a stable outlook. “SFC’s rating reflects its long operating history and good credit profile which has been maintained through economic cycles, supported by sound credit controls, low refinancing risk and high profitability,” the rating agency said. “However, […]

Nov 05, 2012 (LBO) – Sri Lanka’s DFCC Bank said group profits rose 55 percent to 819 million rupees in the September 2012 quarter from a year earlier, and its commercial banking unit hit regulatory ceiling on credit growth. DFCC group performing loans grew 7.5 percent to 90.9 billion rupees from March, but chief executive […]