Given current economic trends, Edirisinghe Trust Investments (ETI) says it is ‘proud’ to announce that its National Long-Term Rating has been upgraded from a B+(lka) to a BB-(lka) in a recently released Fitch Ratings report.
Chairperson Dr. Soma Edirisinghe said that, “it is a reflection of our commitment to improving business processes and revenue streams.” ETI completed the automation of all systems in its diverse business units in 2008, allowing it to operate more efficiently and effectively, the ETI statement said.
Chief Executive Officer Mahendra De Silva elaborated on the findings, saying that “compared to our competitors, deposit growth rates are extremely high, giving us confidence that we’ll not only be able to weather the financial storm but further strengthen our portfolio holdings. Indeed, at a time when other finance companies are struggling and having their ratings downgraded, our upgraded rating is a real validation of our diligence, stability and vision for the future. ”
ETI said the Fitch Ratings report noted that “high redemption rates and demand for gold has meant that ETI has the ability to dispose its unredeemed gold stock with relative ease.”
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