Fitch affirms rating on Senkadagala Finance Trust

Fitch Ratings Lanka has affirmed the National rating on the Lease Backed Trust Certificates (LBTCs) issued by Senkadagala Finance Trust Three (SFT3) at ‘A(lka)’.

The rating addresses the timely payment of interest and capital on the LBTCs, which are backed by a pool of vehicle leases that were originated by Senkadagala Finance Company Ltd (SFC, rated ‘BBB+(lka)’/Stable).

The affirmation of the current rating is based on the high level of credit enhancement available to the LBTCs in the form of principal overcollateralisation (OC, defined as excess principal of the underlying pool of loans/the outstanding principal of the LBTCs), which is adequate to absorb the stressed losses of the underlying pool of assets. Reuters

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Tourism appointments

A.G. PIYADASA

Chairman of the Tourist Board Renton de Alwis will be appointed as the Chairman of the Tourism Development Authority and the Sri Lanka Tourism Promotion Bureau.

Prema Cooray will continue to be the Chairman of the Sri Lanka Convention Bureau.

A new Chairman for the Sri Lanka Institute of Tourism and Hotel Management (SLITHM) will be appointed shortly. These appointment will be made as a result of the promulgating the new Tourism Act No. 38 of 2005, which would be operational from October 1.

In terms of the provisions of the Sri Lanka Tourism Development Authority (SLTDA) would replace the Sri Lanka Tourist Board while Sri Lanka Convention Bureau will be retained.

Sri Lanka Institute of Tourism and Hotel Management and Sri Lanka Tourism Promotion Bureau are the two new bodies to be incorporated.

A high powered oversight committee headed by Tourism Minister’s Senior Advisor, M.D. Dharmasiri Pieris and Secretary P.M. Leelaratne, Additional Secretary, K.A.D. George Michael and SLTB Chairman Renton de Alwis are appointed to facilitate the setting up of institutions.