Fitch upgrades ETI's National Long-Term Rating

Edirisinghe Trust Investments (ETI) National Long-Term Rating has been upgraded from a B+(lka) to a BB-(lka) in a recently released Fitch Ratings report.

Chairperson Dr. Soma Edirisinghe said "it is a reflection of our commitment to improving business processes and revenue streams." ETI completed the automation of all systems in its diverse business units in 2008, allowing it to operate more efficiently and effectively.

Chief Executive Officer Mahendra De Silva said "compared to our competitors, deposit growth rates are extremely high, giving us confidence that we'll not only be able to face the financial storm but also to further strengthen our portfolio holdings.

Assistant General Manager for Pawning and Gold Sales Sadun Kumarasiri said that since ETI's core business area is pawnbroking, a "low-risk asset class" according to Fitch Ratings, the company has managed to not only remain stable in an economically turbulent period but also to expand its reach and profitability by adding to its network of pawning centres.

The Fitch Ratings report notes that "high redemption rates and demand for gold has meant that ETI has the ability to dispose its unredeemed gold stock with relative ease."