Sri Lanka’s stock regulator cancels LRA license, media reports say

Business

Sri Lanka’s Securities and Exchange Commission (SEC) has reportedly not renewed the license of Lanka Rating Agency (LRA), one of three credit rating agencies operating in the country, after suspending its licence in March over a conflict of interest issue in a rating report, according to local media reports on Wednesday. "LRA is not entitled to carry on the business of assessing and evaluating or reviewing the credit-worthiness of any issue of listed securities or securities to be listed..," the SEC has said. The LRA licence was due for renewal on June 30 and last Sunday, the Business Times said the licence may be renewed only for administrative purposes and time to seek collaboration with a reputed international rating agency. - ENDS -

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