July 30, 2007 (LBO) –The Sri Lanka unit of Rating Agency Malaysia (RAM) said Monday its operations will not be affected by a restructuring of the parent. Lanka Ratings Agency (LRA) said the credit ratings services and consultancy services of RAM had been separated under a regulatory requirement in Malaysia.
RAM has been re-named RAM Holdings Behard, and credit rating operations have been transferred to a newly incorporated wholly owned subsidiary RAM Rating Services.
“With this change the two rating agencies, RAM Ratings and LRA, have become sister companies,” LRA said in a statement.
“Notwithstanding these changes, the same commitment in terms of service, integrity, credibility and transparency can be expected from LRA.”
The agency said RAM Holdings will maintain an affiliation with Standard & Poor’s and continue with all its other businesses, such as consultancy services, which are not related to credit rating, as well as retain all the assets, liabilities, intellectual property and patents of RAM.
Suresh Menon who is now a director of LRA has been appointed as the Executive Director at RAM Holdings and will overlook LRA an