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| Sunday, 14 September 2003 |
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Second rating agency with Malaysian collaboration by Hiran H. Senewiratne Rating Agency Malaysia Bhd (RAM) is spreading its tentacles internationally and has joined Ceylinco Consolidated to establish Sri Lanka's second rating agency. The joint venture agreement was signed in Colombo recently by RAM Executive Deputy Chairman Datuk C. Rajandram and Ceylinco Consolidated Chairman Dr Lalith Kotelawala. The new company, Key Ratings Ltd will be a subsidiary of the Ceylinco Group, which will hold a 51 per cent stake in the company while RAM will hold the balance stake. Fitch Ratings is the other rating agency operating in Sri Lanka at present. Rajandram told the launch of Key Ratings that Sri Lanka's bond market is in the development stage similar to when ratings were first introduced in Malaysia. He said Key Ratings would not only function as a rating agency, but also as a developmental agent, establishing the foundation of a nascent bond market. This joint venture expected to commence operations very soon in Colombo is similar to RAM's operations in Malaysia. Analysts will receive practical training in Kuala Lumpur, Rajandram added. RAM is an independent public limited company established in 1990 as Malaysia's first credit rating agency. It has rated more than 700 financial instruments and institutions during its short period of operations. |
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