- Market R
- Posts : 221
Join date : 2015-01-07
Sat, Feb 28, 2015, 12:38 am SL Time, ColomboPage News Desk, Sri Lanka.
Feb 27, Colombo: Sri Lanka's diversified conglomerate John Keells Holdings has informed Fitch Ratings Lanka, a rating agency that it will terminate its rating agreement with the company with effect from 27 March 2015, the company said in a stock market disclosure.
"The company believes that a local rating is not warranted at this juncture of time considering the company's current debt funding sources which are predominantly in foreign currency," a stock exchange filing said.
JKH said it will consider obtaining an international rating when needed.
"However, if and when the need arises, the company will consider obtaining an international credit rating."
Fitch Ratings downgraded JKH National Long-Term Rating to 'AA+(lka)' from 'AAA(lka)' in September 2014 while keeping the Outlook Stable.
"The downgrade reflects the deterioration in JKH's business risk profile, driven by the weakening competitive position of its key dividend-paying associate, South Asia Gateway Terminals (SAGT), in which JKH owns 42%," the rating agency said announcing its rating.
- NuinthTop contributor
- Posts : 555
Join date : 2014-02-28
Location : Universe
Can this rating agency be bias ? This is not a good image for foreign investor about JKH.
As I remember SHL also had a same problem few months back.
- Sri Lanka's Dialog Finance gets AA(lka) rating: Fitch
- Sri Lanka's Cargills Bank gets BB(lka) credit rating: Fitch
- DFCC Bank to sell Rs5.0bn debt; Fitch Sri Lanka AA-(lka) rating confirmed
- Sri Lanka 'B+' rating confirmed on lower inflation, better SOE balances: S&P
- Fitch downgrades Softlogic Holdings to - BBB-(lka); places on Rating Watch Negative