Govt appoints rating advisors

As announced in the Central Bank of Sri Lanka (CBSL) "Road Map 2010 and Beyond", CBSL has taken several steps in respect of its stated objective of achieving an investment grade rating over the next four year period ending 2014.

To operationalize the above strategy towards enhancing the country's sovereign rating, a dedicated Sovereign Rating Committee (SRC) was appointed by the Monetary Board in March 2010. The SRC, having considered the objective of obtaining Sovereign Rating Advisory Services from the most reputed international institutions, had called proposals from the top ten leading banks and investment houses, to be considered for being appointed as Sovereign Rating Advisors to the Government of Sri Lanka (GOSL).

After evaluation of proposals received including one on one meetings with these international banks/investment houses, the GOSL has selected three leading international banks, namely The Hongkong and Shanghai Banking Corporation Ltd, Bank of America Merrill Lynch and The Royal Bank of Scotland PLC as rating advisors for a period of four years starting July 2010 to assist and guide the GOSL to achieve its stated objective of attaining investment grade ratings by 2014.