Sri Lanka’s MTD Walkers reveals rating downgrade after regulator query

ECONOMYNEXT – Sri Lanka’s MTD Walkers said its rating had been downgraded to [SL]BB- with negative outlook from [SL]BB+ with negative outlook, by ICRA Lanka Ltd, a rating agency.

The stock exchange announcement came in response to a query by the Colombo Stock Exchange.

The downgrade by ICRA Lanka Limited, a subsidiary of ICRA Limited, which is part of Moody’s Investors Service, had been done in May this year.

MTD Walkers, which has been making losses, said it had “incorrectly assumed the availability of the rating online at the ICRA Lanka website would be considered as adequate disclosure of price sensitive information."

It assured the CSE that all future rating revisions are released in line with stock exchange rules.
(COLOMBO, 21 September, 2018)

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