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Sunday, 18 July 2010

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Government Gazette

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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