Lanka Rating Agency’s (LRA) is gearing to strike a fresh deal with an international firm in a bid to reapply for a rating licence which the Securities and Exchange Commission (SEC) cancelled recently, company officials said. “A team (from the international agency) met with the regulator and we are working towards a partnership with a [...]

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The Sunday Times Sri Lanka

LRA gears for new tie-up to get fresh licence

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Lanka Rating Agency’s (LRA) is gearing to strike a fresh deal with an international firm in a bid to reapply for a rating licence which the Securities and Exchange Commission (SEC) cancelled recently, company officials said.

“A team (from the international agency) met with the regulator and we are working towards a partnership with a new company. Then we intend to reapply for a licence,” a LRA official said. He said the new company is of Indian origin.

One of three credit rating agencies operating in the country, LRA’s licence was suspended in March by the regulator over a conflict of interest issue in a rating report. The licence was due for renewal on June 30 but was allowed to lapse by the regulator as the requested documents were not furnished by that time.

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