News ≫ Global Fitch Ratings raises stake in Sri Lanka unit

Global Fitch Ratings raises stake in Sri Lanka unit

Apr 19, 2018
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Fitch Ratings, a global rating agency, has increased its ownership of Fitch Ratings Lanka Ltd to approximately 89 per cent from 45 per cent through its acquisition of the equity interest of several shareholders, the company said in a public announcement on Thursday.

“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 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. The agency has also rated landmark transactions, including the country’s first Basel III-compliant subordinated bond issued in October 2017. 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 USD 500 million sovereign bond issue in 2007.

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