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| Sunday, 18 January 2004 |
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Business |  |
| News Business Features Editorial
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'SL A' rating for First Capital Treasuries Fitch Ratings Lanka Ltd. (FRL) has assigned SL A national credit rating to the Implied Long-term Unsecured Senior Debt of First Capital Treasuries Ltd. (FCTL). SL A rating denotes a low expectation of credit risk. The capacity for timely payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to changes in circumstances or in economic conditions than higher ratings. The rating reflects FCTL's position as a prominent primary dealer in Sri Lanka, its operating history of growth and profitability, moderate financial strength and the evolving nature of its risk management systems. FCTL has a record of consistent profitability even under difficult market conditions. The combination of FCTL's active trading presence and its emphasis on developing its distribution capabilities has helped it weather the impact of rising interest rates in the past. Reported profitability has improved, supported by declining interest rates. FCTL is the primary dealer subsidiary of First Capital Ltd. (FCL). Based in Sri Lanka, FCL has interests in debt trading, fixed income broking, corporate finance and asset management through its various subsidiaries. It is a private entity owned by individuals and publicly listed corporates. FCTL was one of the first non-bank primary dealers to obtain a licence after the Central Bank started licensing primary dealers in Sri Lanka in 2000. FRL is a joint venture between Fitch Ratings, USA, International Finance Corporation, Central Bank of Sri Lanka and several other leading local financial institutions. Fitch Ratings, USA is one of the three global full service credit rating agencies and rates over 2,900 international banks and financial institutions. Fitch Ratings, USA has over 90 years experience in credit analysis and a combined analytical and professional staff of more than 1,400. |
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