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Market R
Market R
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Sri Lanka's John Keels terminates agreement with Lanka Fitch Rating  Empty Sri Lanka's John Keels terminates agreement with Lanka Fitch Rating

Sun Mar 01, 2015 10:27 am
Message reputation : 100% (1 vote)

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.


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Nuinth
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Sri Lanka's John Keels terminates agreement with Lanka Fitch Rating  Empty Re: Sri Lanka's John Keels terminates agreement with Lanka Fitch Rating

Sun Mar 01, 2015 1:54 pm
Thx Mak R,

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.
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