Securities and Exchange Commission of Sri Lanka Registers Lanka Rating Agency as a Domestic Credit Rating Agency
- July 1, 2021
- Posted by: LRA
- Category: News
Securities and Exchange Commission of Sri Lanka registers Lanka Rating Agency (“LRA”) as a Domestic Credit Rating Agency. LRA’s key shareholders are Hatton National Bank PLC, Commercial Bank PLC, National Development Bank PLC, Sampath Bank PLC, Capital Alliance PLC, Econsult Asia (Pvt) Ltd,. Pakistan Credit Rating Agency (“PACRA”), ICON Investment
Ltd, and high net worth individuals, Mr. Niranjan Mendis, Mr. Keerthi Mihipanna, Mr. A. K. Jayathilaka and Mr. G. D. R. Fonseka. LRA’s technical partner is Pakistan Credit Rating Agency (“PACRA”), which has over 25 years of domestic credit rating experience and is the first Credit Rating Agency established in Pakistan. PACRA has been instrumental in setting up of the National Credit Rating in Bangladesh as a technical partner and providing advisory support to regional rating agencies and regulators. PACRA was a founding member of the Association of Credit Rating Agencies in Asia (ACRAA), which consists of 28 credit Rating Agencies in Asia. Among its many objectives, is to promote the Asian Bond market initiative and cross border investments. The CEO of PACRA said: “We are delighted to partner with LRA in its quest to establish a domestic credit rating agency in Sri Lanka. PACRA is a strong
proponent of free, fair, and transparent financial practices. We intend to bring our knowledge, experience and international best practices to Sri Lanka and contribute towards achieving economic goals set forth by the country through strengthening of financial sector”.
With the Registration of, LRA a new board of directors was appointed for robust governance. Mr. Anil Amarasuriya, former MD/CEO of Sampath Bank, Union Bank and most recently Chairman of Lanka Clear, is the company’s Chairman. Other directors are Ms. Priyantha Liyanage, Mr. Jayanth Perera, Mr. Niranjan Mendis and Dr. Kenneth De Zilwa.
Mr. Adrian Perera CEO of LRA said that Sri Lanka is going through a challenging time as part of its national agenda hopes to develop the corporate bond market to greater heights, which saw a steep decline since the end of 2015. LRA intends to play a pivotal role in achieving economic goals and deepening the financial markets in Sri Lanka while upholding highest standards of professionalism.
The Chairman of Lanka Rating Agency said “The Lanka Rating Agency is looking forward to helping Sri Lanka creating a more robust domestic debt security and structured finance market by providing investors with useful, timely and accurate information while making the markets more accessible to organisations.