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Troubled Times

Nov 27, 2009 (LBO) - Sri Lanka's The Finance Company, a firm in the troubled Ceylinco group that is being re-structured under regulatory supervision, has been downgraded to 'C(lka)' or one notch above default, Fitch Ratings Lanka said.
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Fitch said The Finance Company's national rating and its subordinate debenture's rating has both been downgrade to 'C(lka)'.
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Both are on rating watch negative.
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Fitch has also stopped rating the firm.

The Finance also ran out of capital at the end of the second quarter.

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An extraordinary general meeting of shareholders has been called for December.

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