HSBC appointed sovereign ratings advisor
The Government has appointed HSBC as ratings advisor, for a period of
four years commencing July, to work with and guide the Government to
achieve its objective of attaining investment grade ratings by 2014.
Among the banks mandated, HSBC is the only Bank with a local presence in
Sri Lanka.
CEO, HSBC Sri Lanka Nick Nicolaou said the bank has been working very
closely with the Government on its international financing plans
starting with their debut international bond issuance in 2007 and their
subsequent offering in 2009.
This mandate further reinforces HSBC's strength and expertise in debt
financing and is a testimony to the confidence reposed by the Government
on HSBC's ability to deliver.
We are very excited with the opportunity and eagerly look forward to
commencing work on this strategic initiative of the Government." HSBC
has acted as the Sovereign Ratings Advisor to Bangladesh as well.
The Appointment of Rating Advisors to the Government of Sri Lanka was
to operationalise the strategy towards enhancing the country's sovereign
rating.
For this purpose, a dedicated Sovereign Rating Committee (SRC) was
appointed by the Monetary Board in March.. The appointment is further to
a very rigorous shortlist and selection process that was set out by the
SRC.
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