S&P rates SLT above country's sovereign rating

Standard and Poor's Rating Services raised its long-term foreign currency rating on Sri Lanka Telecom (SLT), the nation's only integrated communication service provider to 'BB-' from 'B+'.

It has also raised the rating on the US$ 100 mn senior unsecured notes due in 2009 to 'BB-' from 'B+.' SLT is the only company in Sri Lanka to have received such an international rating in the country that is notably above the country's sovereign rating, which is a B+. This is a unique position as a sovereign rating is usually the highest other countries as well as companies could aim at.

Speaking on the upgrading of the rating, CEO, SLT Shoji Takahashi said: "I am very pleased that S&P, a leading provider of financial market intelligence has recognised our potential to grow to become a fully integrated communication service provider. We are proud of this achievement as it is also a reflection of how we continue to improve our global rating in terms of our financial capabilities.