Fitch Ratings raises stake in Sri Lanka unit
Apr 05, 2018 11:56 AM GMT+0530 | 0 Comment(s)
ECONOMYNEXT - Fitch Ratings said it has increased its ownership of Fitch Ratings Lanka Ltd. to about 89% from 45% through its acquisition of the equity interest of several shareholders.
"We are excited about Fitch's commitment to Sri Lanka, one of Asia's fastest-growing fixed-income markets," said Maninda Wickramasinghe, Head of Fitch Ratings Lanka Ltd.
"As a global brand recognised for independent opinions and a transparent methodology, coupled with on-the-ground insight and expertise, we look forward to helping to develop Sri Lanka's capital markets as demand for funding infrastructure projects and corporate investments increases."
Since its inception in Sri Lanka in 1999, Fitch Ratings, a leading provider of credit ratings, commentary and research, has rated more than 60 issuers, including almost all the banks in Sri Lanka and over half of the financial institutions, as well as the leading conglomerates.
It is part of Fitch Group, which has dual headquarters in London and New York and is majority-owned by Hearst.
The rating agency has also rated landmark transactions, including the country's first Basel III-compliant subordinated bond issued in October 2017, a statement said.
Fitch Ratings was also the first international rating agency to issue Sri Lanka's maiden rating of 'BB-' in December 2005 and the first agency to rate Sri Lanka's maiden USD500 million sovereign bond issue in 2007.
(COLOMBO, April 05, 2018)