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| Wednesday, 14 January 2004 |
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Fitch Ratings assigns Sla on First Capital Treasuries First Capital Treasuries, the Primary Dealing arm of the First Capital Group, has been assigned with the SL A credit rating by Fitch Ratings Lanka (FRL) Ltd. First Capital Treasuries Ltd is the only primary dealer in the country to be rated by Fitch Ratings. This SL A rating is for the implied long term unsecured senior debt of First Capital Treasuries Ltd. This SLA rating denotes "very low expectations of credit risk and strong capacity for the timely payments of financial commitments. This capacity may however be more vulnerable to changes in circumstances or in economic conditions than is the case for higher ratings." The criteria behind the assigning of the SL A rating have been, First Capital's prominent position in the primary dealer market with a long operating history and strong customer relationships, its very high and consistent profitability in even difficult market situations and the reductions in systematic and counter party risks due to the proposed RTGS system. The First Capital Treasuries Ltd, which, started as M.B. Financial Services Ltd (MBFSL), commenced business as a money broker in 1990 and obtained primary dealer licence in 1992. MBFS Ltd was the first dedicated primary dealer in the country and changed the name to First Capital Treasuries Ltd in April 2000. Making returns above the market levels since inception, the First Capital Treasuries has made a profit beyond Rs. 500 million for just the first half of this year so far. First Capital Treasuries has two branches in Kandy and Matara and has signed up an MoU with the Wayamba Development Bank to promote Government Securities in the Wayamba Province. First Capital has initiated on computing the country's first index for Fixed Income Securities - the First Capital Sovereign Bond Index. This is used upon the valuations of bond portfolios in the country on their secondary market valuations. First Capital's focus and strong point has been on the sophisticated IT systems in operation in the front and the back offices. Its also the first primary dealer with a website with a store of information readily available for it's clients. Rohini Nanayakkara serves the First Capital Treasuries' board as the chairperson while Ajith Devasurendra acts as the CEO/Managing Director. The rest of the board comprises M.T.L. Fernando, Hemaka Amarasuriya, G. Jinadasa, Sumith Guruge, Sujeewa Rajapakse and Rohan Karunanayake. The senior management of First Capital Treasuries comprises Nirantha Wikramasekera, Roshan Anthony and Ruwan Sugathadasa. Fitch Ratings Lanka Ltd is a joint venture between Fitch Ratings, USA, International Finance Corporation Washington, The Central Bank of Sri Lanka and several other financial institutions. Fitch Ratings is one of the three full-fledged rating agencies in the world and has rated over 2100 banks and financial institutions worldwide. |
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