Category: Companies
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 […]
‘s Hemas Holdings to raise debt for ongoing expansion plans
October 30, 2006 (LBO) – Sri Lanka’s conglomerate Hemas Holdings Ltd plans to raise a billion rupees in debt next year to fund expansion plans in its leisure, power, health sectors, its CEO Hussein Esufally said. The family controlled conglomerate, which has diverse interest in health and personal care, power generation and transport said its […]
HSBC Sri Lanka secures a AAA (lka) rating from Fitch
October 20, 2006 (LBO) – HSBC Bank’s Sri Lankan unit has been rated AAA (lka) by Fitch Ratings Lanka for their long-term senior debt. ‘AAA’ (lka) is the highest rating assigned to in issuer or issues. The bank joins the local triple A club, which was earlier limited to Citibank N.A., Dialog Telekom, National Savings […]
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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 […]
Fitch retains SLTs BB- rating; estimates court ruling to cost Rs 3.0 bn
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- […]