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Fitch Takes Rating Actions on 6 Sri Lankan Regional Development Banks |
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Monday 24th of May 2010 |
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Fitch Ratings-Colombo/Mumbai/Singapore-24 May 2010: Fitch Ratings Lanka has today taken the following rating actions on six Sri Lankan Regional Development Banks (RDBs):
- Kandurata Development Bank (KDB): upgraded to 'BBB+(lka)' from 'BBB(lka)'; and Outlook revised to Stable; and
- Sabaragamuwa Development Bank (SDB): upgraded to 'BBB(lka)' from 'BBB-(lka)'; Positive Outlook
Meanwhile the following RDBs' ratings have been affirmed, as follows:
- Rajarata Development Bank (RaDB): affirmed at 'BBB+(lka)'; Stable Outlook;
- Ruhuna Development Bank (RuDB): affirmed at 'BBB+(lka)'; Stable Outlook;
- Wayamba Development Bank (WDB): affirmed at 'BBB+(lka)'; Stable Outlook; and
- Uva Development Bank (UDB): affirmed at 'BBB(lka)'; Positive Outlook;
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Correction - Fitch: MNP Could Heighten Risk to Sri Lanka's Telecom Industry |
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Monday 10th of May 2010 |
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Fitch Ratings-Colombo/Seoul/Singapore-10 May 2010: This announcement corrects the version issued on 7 May 2010. Dialog Telekom PLC's National Long-term Rating should be 'AA(lka)'/Negative Outlook not 'AA-(lka)'/Negative Outlook. Here is the corrected version: The implementation of Mobile Number Portability (MNP) in Sri Lanka - as proposed by the local Telecommunications Regulatory Commission of Sri Lanka (TRCSL, "the regulator") - could further pressure industry profitability, says Fitch Ratings. |
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Fitch: Impact of Directed Reduction in Interest Rates on the Sri Lankan Banking Sector |
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Monday 01st of February 2010 |
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On 28 October 2009, the Government of Sri Lanka issued a directive instructing state banks to reduce interest rates offered on loans to certain specified sectors to between 8% and 12%. Based on the current interpretation, Fitch Ratings believes that, should the present benign interest rate environment reverse, the implementation of this directive would raise concerns over the limited flexibility of state banks to raise lending rates by effectively placing a ceiling on the loan interest rates offered to certain customer segments. Consequently, state banks will be faced with the challenge of managing funding costs over the long term. |
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Fitch: FCF to Rebound in Asia-Pacific's Telecom Sector in 2010 |
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Sunday 24th of January 2010 |
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Fitch Ratings-Seoul/Sydney/Singapore-24 January 2010: Fitch Ratings has today said in a just published report that the 2010 outlook for the overall Asia-Pacific telecom sector remains stable.
"Most operators will be able to continue to weather any adverse economic conditions and maintain their credit profiles thanks to robust liquidity, relatively low gearing, and strong free cash flow (FCF) generation," says Matt Jamieson, Senior Director and Head of Fitch's Asia Pacific Telecoms Media and Technology team. Although competitive factors look set to drive revenue growth and margins lower in 2010E, curtailed capital expenditure budgets are likely to result in higher FCF generation for the average Asia-Pacific telecom operator.
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Profitability of Sri Lanka’s RFC and SLC Sectors to Improve in 2010, but Asset Quality to Remain Weak |
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Friday 08th of January 2010 |
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Fitch Ratings expects the profitability of Sri Lanka’s Registered Finance Company (RFC) and Specialised Leasing Company (SLC) sectors to improve over 2010, driven by the recent sharp reduction in interest rates on bank deposits and lending, which has permeated into the non-bank financial institutions sector. The agency expects the consequent decline in funding costs and the resultant benefit to net interest margin, to offset the high credit costs. However Fitch notes that the recovery of the industry’s current weak asset quality could lag the positive macro-economic trends seen at present, underlining the severity of the recent economic downturn and the higher-risk nature of the industry’s client base. |
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Fitch Releases Regulatory Risk Scores for Asia Pacific Telecoms |
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Wednesday 02nd of December 2009 |
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Fitch Ratings-Seoul/Hong Kong/Singapore-02 December 2009: Fitch has assessed the telecom regulatory risk environment for 13 markets across Asia-Pacific and concluded that Sri Lanka, Australia and South Korea have the highest regulatory risk on a comparative basis, whereas Malaysia has the lowest. |
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Fitch: Etisalat's Entry Could Weigh on Sri Lankan Telecom Operators' Credit Quality |
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Tuesday 20th of October 2009 |
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Fitch Ratings-Singapore/Seoul-19 October 2009: The entry of Emirates Telecommunications Corporation (Etisalat) into Sri Lanka can further delay any prospects for recovery in the Sri Lankan telecom operators' profitability, says Fitch Ratings. Millicom International Cellular SA recently sold its fully-owned subsidiary in Sri Lanka, Tigo, to Etisalat in a competitive bidding process. Tigo is the third-largest mobile telephony operator in Sri Lanka with a market share of around 20% and a nationwide network footprint. |
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Fitch Rates Sri Lanka's Upcoming Benchmark Bond Issue 'B+' |
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Wednesday 14th of October 2009 |
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Fitch Ratings-Hong Kong/Singapore-14 October 2009: Fitch Ratings has today assigned the Democratic Socialist Republic of Sri Lanka's upcoming USD-denominated international bond issue, which matures in 2015, a 'B+' rating. The rating is in line with Sri Lanka's Long-term foreign currency Issuer Default Rating of 'B+', which has a Stable Outlook. |
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