In response to the recent rating action by Fitch Rating Lanka on Ceylon Income Fund (CIF), the parent company of the said fund says the rating requirement sought by Fitch Ratings Lanka was beyond the control of the fund.

Ceylon Asset Management (CAM) commented on the Fitch Rating negative watch press release that the LRA suspension by the SEC and the absence of an alternative monitoring process sought by Fitch Ratings, is beyond the control of the fund, the fund manager and the underlying listed company security. 

‘‘Under the CSE listing rules, it is mandatory for listed debentures to have a valid rating in order to be listed on the CSE,” a statement said.