Lanka Rating, Sri Lankas second credit rating agency, opens shop later this month, after securing regulatory approval.
Local capital markets are in a nascent stage, but Lanka Ratings is confident of securing work, as credit ratings gains acceptance.rn
rnThe Ceylinco Group, has a controlling 51 percent stake in the firm through Key Ratings, while Rating Agency Malaysia controls 49 percent.rn
rnBut officials say that a number of safeguards have been built in to ensure rating decisions are independent from shareholders. rn
rnldblquote The shareholders have no influence in whatever the rating process or the rating decision. We will also have an external review committee,
dblquote Lanka Rating Chief Operating Officer, Dr.
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Nandana Goonewardena told Lanka Business Online.rn
rnSo far, Sri Lanka has only one credit rating institution endash Fitch Ratings Lanka. But a its progress has been slowed down by speed bumps in the capital markets. rn
rnldblquote The market is growing and there is work for bo