RAM reinforces presence in Lanka Rating Agency

Rating Agency Malaysia Berhad ("RAM") - an affiliate of Standard and Poor's, has completed the acquisition of an additional 51% in Lanka Rating Agency Ltd., ("LRA") on July 8, making it a 100% owned subsidiary of RAM.

LRA was initially set-up as joint venture between RAM (49%) and Key Research and Information Ltd., (51%) of the Ceylinco Consolidated Group. This move signals RAM's sustained commitment in Sri Lanka.

RAM has identified Sri Lanka as an important market to develop its international rating operations and has modelled LRA as a domestic rating agency, akin to RAM's own pivotal role as the first credit rating agency set up in Malaysia.

LRA will be emulating in Sri Lanka, the commitment that RAM took on when it was first established i.e. to develop the Malaysian bond market. LRA is licensed by the Securities and Exchange Commission of Sri Lanka and is also officially accredited to rate all financial institutions and non-bank financial institutions regulated by the Central Bank of Sri Lanka.

Ms Priya Thamotheram, heads LRA's team as Chief Executive Officer. Ms. Thamotheram's training with RAM in Malaysia will enable LRA to effectively blend a keen understanding of the Sri Lankan market and RAM's expertise.