Fitch Ratings increases stake in local unit

Fitch Ratings has increased its ownership of Fitch Ratings Lanka Ltd. to approximately 89 percent from 45 percent, acquiring equity interest of several shareholders.
“We are excited about Fitch’s commitment to Sri Lanka, one of Asia’s fastest-growing fixed-income markets,” said Maninda Wickramasinghe, Head of Fitch Ratings Lanka Ltd. 

“As a global brand recognised for independent opinions and a transparent methodology, coupled with on-the-ground insight and expertise, we look forward to helping to develop Sri Lanka’s capital markets as demand for funding infrastructure projects and corporate investments increases.”

Since its inception in Sri Lanka in 1999, Fitch Ratings has rated more than 60 issuers, including almost all the banks in Sri Lanka and over half of the financial institutions, as well as the leading conglomerates.

The agency has also rated landmark transactions, including the country’s first Basel III-compliant subordinated bond issued in October 2017. 

Fitch Ratings was also the first international rating agency to issue Sri Lanka’s maiden rating of ‘BB-’ in December 2005 and the first agency to rate Sri Lanka’s maiden US $ 500 million sovereign bond issue in 2007.

Fitch Group is a global leader in financial information services with operations in more than 30 countries. Fitch Group is comprised of Fitch Ratings, Fitch Solutions, a leading provider of credit market data, analytical tools and risk services, BMI Research, an independent provider of country risk and industry analysis specializing in emerging and frontier markets and Fitch Learning, a preeminent training and professional development firm. 

With dual headquarters in London and New York, Fitch Group’s majority stake is owned by Hearst.