Regulatory Alerts2023-02-02 | Letter to CEOs of LFCsRemoval of ICRA Lanka Ltd. as an acceptable Credit Rating Agency
The Central Bank of Sri Lanka has removed ICRA Lanka Ltd. as an acceptable credit rating agency following the entity's business cessation effective 31 January 2023. Licensed finance companies that previously relied on ICRA Lanka Ltd. must promptly execute fresh agreements with alternative approved rating agencies to maintain regulatory compliance. This directive takes effect on 2 February 2023 and operates in conjunction with existing credit rating circulars to ensure uninterrupted oversight of client ratings.
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