Lanka Rating Agency gets new shareholders

Monday, 1 September 2014 00:15 - - {{hitsCtrl.values.hits}}

Subsequent to the restructuring of RAM Holdings Berhad, the former RAM Ratings Lanka (RAML) and now Lanka Rating Agency’s (LRA), new shareholders are Hatton National Bank PLC, Commercial Bank of Ceylon PLC, National Development Bank PLC, Sampath Bank PLC, Capital Alliance Holdings Ltd., and Icon Investment Holdings Ltd. LRA would function as a domestic Rating Agency using its own criteria and methodology fine-tuned by CRISIL as per the MOU signed with CRISIL. LRA’s Technical Partner is CRISIL India. CRISIL is a global analytical company that provides ratings, research and risk and policy advisory services. CRISIL is India’s leading Rating Agency and is the foremost provider of high-end research to some of the world’s largest Banks and leading Corporations. CRISIL’s major shareholder is Standard and Poor’s (S&P). Standard & Poor’s is a part of McGraw Hill Financial services (formerly The McGraw-Hill Companies) (NYSE:MHFI), and is one of the world’s foremost provider of credit ratings. LRA’s new Rating Committee Members are Dr. Dayanath Jayasuriya P.C., Russell De Mel, V. Kanagasabapathy, V. Semuri and M.V. Gangadara. LRA assures its clients that despite the change of ownership and name whatever ratings given by RAM Ratings Lanka (RAML) will remain valid for the specific purpose or time period for which the rating was assigned. Lanka Rating Agency Ltd. is registered with the Securities and Exchange Commission of Sri Lanka as a credit rating agency.

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