RAM Ratings (Lanka) Ltd now known as “Lanka Rating Agency (LRA) Ltd”
View(s):RAM Ratings (Lanka) Ltd said this week it was changing its name and henceforth be known as Lanka Rating Agency (LRA).
It would essentially be a domestic credit rating agency with global expertise similar to many other domestic rating agencies in Asia and Europe, the agency said in a statement.
“LRA wishes to announce to its clients that there would be no changes to the currently adopted standards while there would be no changes to the ratings issued previously,” it said.
The company said that with the divestment of RAM Holdings and the entry of local shareholders such as Hatton National Bank, Commercial Bank, Sampath Bank, NDB Bank and additional technical assistance from a global rating agency, it is adopting a brand identity which illustrates the commitment to Sri Lanka.
This year RAM Ratings (Lanka) Ltd (RAML) which was formally known as Lanka Rating Agency (LRA) Ltd completed 10 years of service within the Sri Lankan economy. “Over the years RAML has become a significant player in the credit rating industry of the nation. RAM Rating Services Berhad (RAMRS) is the premier domestic rating agency in Malaysia which facilitated the development of domestic bond markets in Malaysia and with that expertise LRA was set up in Sri Lanka in 2003 with the intention of developing the country’s bond market. Given the circumstances within the Asian financial markets RAMRS provided training, advice and guidance while instilling the RAM brand within the country,” the statement said.
With the end of the northern conflict and the improvement in the domestic bond market RAM Holdings initiated proceedings to hand over management of the organization to local professionals who were trained to lead a truly domestic rating agency similar to CRISIL of India, RAMH of Malaysia, TRIS of Thailand and Japan Credit Rating Agency of Japan.