The CARE Group, which was interested in buying crisis-hit Lanka Rating Agency’s (LRA), is likely to finalise its decision in the next few days, officials said.  ”They had discussions with the Securities and Exchange Commission (SEC) recently and it was a positive one, where they discussed their plans for LRA,” a LRA official said. He [...]

Feeds Editorials Times Online

The Sunday Times Sri Lanka

CARE to extend technical support to LRA as first step

View(s):

The CARE Group, which was interested in buying crisis-hit Lanka Rating Agency’s (LRA), is likely to finalise its decision in the next few days, officials said.  ”They had discussions with the Securities and Exchange Commission (SEC) recently and it was a positive one, where they discussed their plans for LRA,” a LRA official said. He said CARE, the second largest rating agency in India, will initially extend technical support to LRA and the work towards investing in it. A CARE board meeting was scheduled in India on Friday for a final decision on investment plans.

One of three credit rating agencies operating in the country, LRA’s licence was suspended in March by the regulator over a conflict of interest issue in a rating report.

The LRA licence was due for renewal on June 30. The regulator said that pursuant to the lapse of its registration, with effect from the 1st July 2015, LRA is not entitled in law, to carry on business as a credit rating agency nor review ratings; i.e. LRA is not entitled to carry on the business of assessing and evaluating or reviewing the credit-worthiness of any issue of listed securities.

Advertising Rates

Please contact the advertising office on 011 - 2479521 for the advertising rates.