Consensus was reached this week between the Attorney General’s Department and counsel for the Golden Key management and depositors on the payment plan for refunding deposits under the proposed Trust. “There was general agreement over all issues but a final decision will be taken next Wednesday,” a source at the AG’s Department said.
Fitch Ratings this week affirmed the national long-term rating of John Keells Holdings PLC (JKH) at 'AAA(lka)' and JKH's senior unsecured notes at 'AAA(lka)' and said the ‘outlook remains stable’.
In a press statement, the rating agency said JKH's rating reflects the diversified nature of its businesses, the currently strong financial profile driven in part by its high cash position (estimated at Rs 10 billion as of 3 March 2009 at the holding company), continued strong operating cash generating ability, and the dominant market share of some subsidiaries.
