Category:
” rating
Feb 29, 2012 (LBO) – Fitch Ratings has confirmed an ‘A-(lka) rating of Lanka Orix Finance Plc (LOFIN) saying it reflected its strong franchise among registered finance companies and is satisfactory financial profile. Fitch said a negative outlook on the rating came from a heightened risk profile of its parent, Lanka Orix Leasing Company Plc. […]
Sri Lanka Commercial Leasing and Finance outlook cut
Feb 29, 2012 (LBO) – Sri Lanka’s Fitch Ratings has cut the outlook on Sri Lanka’s Commercial Leasing and Finance (CLC) to ‘negative’ from ‘stable’ but confirmed its underlying rating at ‘A-(lka)’. Fitch said CLC could be relied upon for support from its parent Lanka Orix Leasing Company if required which had a rating one […]
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Feb 29, 2012 (LBO) – Fitch Ratings Lanka has lowered Lanka Orix Leasing Company’s rating from ‘A-(lka)’ to ‘BBB+(lka)’ with a negative outlook with a similar cut in outstanding senior unsecured debentures. The rating is still in the investment grade. Fitch said the downgrade came from a “higher appetite for market risks” at the holding […]
Sri Lanka stocks close up 0.4-pct
Feb 29, 2012 (LBO) – Sri Lanka’s stock closed up 0.49 percent Wednesday, with turnover boosted by the change of control of motor dealers, though market participants are still getting used to a new trading system, brokers said. The Colombo All Share Index rose 0. 49 percent to 5,458.09 points up 26.42 points while the […]
Buying Access
Feb 29, 2012 (LBO) – Sri Lanka’s Access Engineering bought 60 percent of vehicle importer Sathosa Motors from Japan’s Itochu Corp. for 846 million rupees paying 235 rupees a share, its chairman Sumal Perera said. “We believe there will be steady growth in the commercial vehicle and construction machinery business in the coming years. ” […]
Margin Squeeze
Feb 29, 2012 (LBO) – Sri Lanka’ Hatton National Bank group December 2011 profits rose 21 percent from a year earlier to 2. 254 rupees helped by lower tax charges though core banking margins tightened, accounts showed. The bank reported earnings of 5.80 rupees for the quarter. For the year ending December it reported earnings […]
‘s inflation eases to 2.7-pct in Feb
Feb 29, 2012 (LBO) – Sri Lanka’s consumer prices rose 2.7 percent in the 12-months to February 2012, easing from 3. 8 percent in January, though the index gained 0.4 percent in the month, the state statistics office said. Interest rates have since risen. Sri Lanka’s inflation remained low by historic standards despite a steep […]
Sri Lanka sovereign rating outlook lowered by S&P
Feb 29, 2012 (LBO) – Standard & Poor’s Ratings Services has lowered its outlook on Sri Lanka’s ‘B+’ long-term foreign currency sovereign credit rating to stable from positive because of falling foreign reserves and fiscal problems. The rating agency at the same time downgraded Sri Lanka’s long-term local currency rating to ‘B+’ from ‘BB-‘, while […]
Sri Lanka policy changes to bolster external position: Fitch
Feb 29, 2012 (LBO) – Sri Lanka’s external finances are under pressure but recent policy changes could bolster the balance of payments even if they hurt growth, Fitch Ratings said. Analysts have pointed out that Sri Lanka is vulnerable to oil prices because the state manipulates energy prices and there is no mechanism to quickly […]
Sri Lanka taking corrective steps to fix imbalances: economists
Feb 29, 2012 (LBO) – Sri Lanka has taken delayed corrective steps to counter a balance of payments crisis triggered by a credit bubble worsened by energy price manipulation and state enterprise losses, but more pain may be ahead, economists warned. In 2011 Sri Lanka saw a surge in private sector credit fired by extended […]
Sri Lanka rupee recovers on state bank selling
Feb 28, 2012 (LBO) – Sri Lanka’s which was quoted as low as 122. 50/123.00 against the US dollar in early trade Tuesday recovered on state bank dollar sales which pushed the rupee to 121. 00 levels, dealers said. The rupee recovered to 121.30/50 rupees later. The rupee was floated earlier in February after it […]
Sri Lanka rupee opens weaker
Feb 28, 2012 (LBO) – Sri Lanka’s rupee was quoted as low as 122.50/123.00 against the US dollar in early trade Tuesday weakening from Monday’s close of 121. 30/50 rupees, before recovering, dealers said. The rupee recovered to 121.30/50 rupees later. The rupee was floated earlier in February after it came under pressure from strong […]