Fitch Ratings has downgraded the Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) of the following Sri Lanka-based financial institutions following the downgrade of Sri Lanka’s sovereign rating: – National Savings Bank (NSB) to ‘B’ from ‘B +’; Outlook Stable – Bank of Ceylon (BOC) to ‘B’ from ‘B +’; Outlook Stable – DFCC Bank…
Recent international reports from international media said that Huawei Founder Ren Zhengfei’s Daughter and Chief Financial Officer (CFO) Meng Wanzhou, also known as Sabrina Meng and Cathy Meng, was arrested in Vancouver on December 1, according to Canadian Justice Department spokesman Ian McLeod. Reports further highlighted that in addition to her role as CFO, Meng…
Reuters – ** The Sri Lankan rupee closed weaker on Wednesday, hit by concerns over a lingering political crisis, as banks bought dollars to facilitate foreign capital outflows from rupee-denominated assets. ** Credit rating agencies Fitch and Standard & Poor’s downgraded Sri Lanka’s sovereign rating on Tuesday, citing refinancing risks and an uncertain policy outlook,…
Leading conglomerate, Hayleys PLC triumphed at the 54th Annual Report Awards winning the coveted ‘Cyril Gardiner Memorial Trophy’ Gold Award for Overall Excellence in Annual Financial Reporting at the grand finale held on Tuesday, 04th December 2018. John Keells Holdings PLC won the silver award, while Commercial Bank of Ceylon PLC came in third…
– We have lowered our long-term sovereign credit rating on Sri Lanka by one notch to ‘B’, reflecting reduced prospects of reform under the fractious political environment, which we expect to be protracted. The country’s external financing conditions has also deteriorated as a weak rupee and high yields constrain the government’s access to international capital markets….
Fitch Ratings – Singapore,Colombo – 05 December 2018: Fitch Ratings has downgraded Sri Lanka Telecom PLC’s (SLT) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to ‘B’ from ‘B+’. The Outlook is Stable. The agency has affirmed SLT’s National Long-Term Rating at ‘AAA(lka)’ with a Stable Outlook. We have also affirmed the national rating at…
The Central Bank of Sri Lanka hosted the 54th SEACEN Governors’ Conference / High-Level Seminar and the 38th Meeting of the SEACEN Board of Governors in Colombo from 29 November to 02 December 2018. These events were attended by Governors and delegates of SEACEN member Central Banks and Monetary Authorities. The Deputy Managing Director of…
The license issued to The Standard Credit and Finance Ltd.(TSCFL) to carry on finance business has been cancelled with effect from 25.07.2018 in terms of the provisions of the Finance Business Act No. 42 of 2011. The Central Bank of Sri Lanka has taken steps to pay compensation under the Sri Lanka Deposit Insurance and…
Reuters – ** The Sri Lankan rupee closed weaker on Tuesday with banks buying dollars as investors continued to sell rupee-denominated assets on credit rating downgrades by rating agencies and a delayed IMF loan discussion in the wake of a political crisis. ** Credit rating agencies Fitch and Standard & Poor’s downgraded Sri Lanka on…
The Central Bank of Sri Lanka (CBSL) is of the view that the decisions by Fitch Ratings on 3 December 2018 and Standard and Poor’s (S&P Global Ratings) on 4 December 2018 to downgrade Sri Lanka’s Long-Term Rating from ‘B+’ (Stable) to ‘B’ (Stable) are based on uncorroborated facts on the country’s macroeconomic fundamentals. In…
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