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Fitch Ratings welcome the Government's commitment to develop the bond market in Sri Lanka. Fitch Ratings is hopeful that a new sense of urgency towards financial sector reform and policy support to encourage credit ratings allowing the public to assess the default risk of their investments will provide a turning point for the development of financial markets in Sri Lanka.

The continuing presence of Fitch Ratings, one of the three internationally accredited credit rating agencies through its joint venture Fitch Ratings Lanka will encourage a culture of transparency and expedite the transfer of global standard to the local financial market. Credit ratings provide a simple yardstick for savers to assess the default risk of public deposit taking institutions and debt instruments such as bonds, debentures and commercial paper.

The development of the corporate debt market in Sri Lanka would provide alternative investment opportunities to investors and lower the cost of funds to borrowers.

During three years of operations, Fitch Ratings Lanka has assigned over 25 credit ratings. Ratings assigned to deposit taking institutions include, Commercial Bank of Ceylon (SL AA+), Bank of Ceylon (SL AA-), Hatton National Bank (SL A), add Senkadagala Finance Company (SL BBB); ratings assigned to debt instruments include John Keels Holdings' senior debt (SL AA+), Hayleys senior debt (SL AA+), Sri Lanka Telecom Debentures (SL AA+), Aitken Spence Debentures (SL AA) and Singer (Sri Lanka) Debentures (SL A).

Fitch Ratings Lanka is a joint venture between Fitch Ratings, International Finance Corporation, Central Bank of Sri Lanka and several leading Financial Institutions in Sri Lanka. Dual headqaurtered in New York and London. Fitch Ratings has a rating presence in 75 countries with a combined analytic, professional and support staff of 1,200.

Fitch Ratings is a global leader in rating financial institutions and structured finance ratings and rates 2,300 financial institutions including insurance companies, over 1,000 corporates, and 71 sovereigns. In addition, the agency maintains surveillance over 3,300 structured debt instruments and 17,000 municipal bond ratings.

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