Regulatory Alerts2018-03-13 | Circular No. 1 of 2018Central Bank of Sri Lanka Circular No. 01 of 2018 on Credit Ratings
The Central Bank of Sri Lanka mandates all Licensed Finance Companies to engage an approved credit rating agency by 30 April 2018 and obtain a publishable rating by 1 October 2018. The directive restricts eligible agencies to Fitch Ratings Lanka Ltd. and ICRA Lanka Ltd., with any list changes announced by the Director of the Department of Supervision of Non-Bank Financial Institutions. Effective 1 October 2018, companies must disclose their credit ratings in all public deposit and debt advertisements, on their corporate website, in financial statements, and at business premises, while ensuring annual updates and submitting reports to the regulator within one month.
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