Lanka Rating Agency making strong progress: S&P APAC Managing Director
Thursday, 22 January 2015 00:00
Standard and Poor (S&P) Asia Pacific Managing Director and Head of Corporate and Government Ratings, Michael Petit commended Lanka Rating Agency Ltd. (LRA) for its rapid growth and adoption of industry best practices.
“On my trip to Sri Lanka I have met and spoken to several analysts working at LRA and I’ve got to say that I was very happily surprised to see so many young people whom in a relatively short span of time working in the industry have really managed to get a very firm grip on its dynamics.
“They are very confident and knowledgeable people and I think that this is a result of them having covered so much ground having performed a very large number of credit assessments.” Petit, who also serves as a member of the LRA External Rating Committee, noted.
His visit was part of a technical assistance and training agreement between LRA and leading Indian rating agency CRISL, a company in which S&P holds a majority stake.
Having begun his career in the United States, Petit is considered an industry veteran working over 27 years with S&P, including extensive experience in Central and Latin America and the Asia Pacific region, particularly in Indonesia and Hong Kong.
Before joining Standard & Poor’s, Michael spent four years as a credit analyst and a corporate lending officer at a commercial bank in the US. He has a Master’s degree in economics from the Universite de Paris and an MBA from New York University’s Stern Business School.