Sri Lanka JKH to terminate Fitch rating agreement

Feb 27, 2015 (LBO) – Sri Lanka’s John Keells Holdings has informed Fitch Ratings Lanka, a rating agency that it will terminate its rating agreement with the company with effect from 27 March 2015, the company said in a filing to stock exchange.

John keels also said that it would consider an international rating when needed.

“The company believes that a local rating is not warranted at this juncture of time considering the company’s current debt funding sources which are predominantly in foreign currency,” a stock exchange filing said.

“However, if and when the need arises, the company will consider obtaining an international credit rating.”

Fitch downgraded John Keells Holdings to ‘AA+(lka)’ with a stable outlook in September 2014, saying then it does not expect any positive rating action in the next 24 months.