Four more debentures rated by the crisis–hit Lanka Rating Agency (LRA) plans to seek a fresh rating now that the Securities and Exchange Commission (SEC) has not renewed LRA’s licence, informed sources said. “They will obtain a sfresh rating as all of them were keen to raise money through the market,” a source who declined [...]

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The Sunday Times Sri Lanka

4 more debentures seek fresh ratings

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Four more debentures rated by the crisis–hit Lanka Rating Agency (LRA) plans to seek a fresh rating now that the Securities and Exchange Commission (SEC) has not renewed LRA’s licence, informed sources said. “They will obtain a sfresh rating as all of them were keen to raise money through the market,” a source who declined to mention the firms which had the planned debentures, told the Business Times.

LRA’s licence expired on Thursday and its application for renewal was rejected by the SEC.  Sources said that since the regulator had wanted an agreement on collaboration with an international credit agency, the company has said that they are in talks with a rating agency in India to sell over 60 per cent of the locally held shares.

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