The Sri Lanka government has appointed HSBC as ratings advisor, for a period of four years commencing July 2010 to work with and guide it to achieve its stated objective of attaining investment grade ratings by 2014.
Among the banks mandated, HSBC is the only bank with a local presence in Sri Lanka, according to an HSBC statement.
Nick Nicolaou, CEO - HSBC Sri Lanka said "HSBC is honoured to be awarded this prestigious mandate. HSBC has been working very closely with the government on its international financing plans starting with their debut international bond issuance in 2007 and their subsequent offering in 2009.”
A dedicated Sovereign Rating Committee (SRC) was appointed by the Monetary Board in March 2010. Last week the Business Times reported that the committee was close to making a decision on the rating advisors.