Regulatory Alerts2023-04-21 | Circular No. 1 of 2023Cessation of ICRA Lanka Ltd as an Acceptable Credit Rating Agency
The Central Bank of Sri Lanka has discontinued the regulatory recognition of ICRA Lanka Ltd as an acceptable credit rating agency for licensed commercial and specialized banks. This decision follows the agency's cessation of local business operations effective 31 January 2023, as reported by the Securities and Exchange Commission of Sri Lanka. Licensed banks are directed to implement appropriate measures to align their credit rating practices with this regulatory change.
MONETARY BOARD CENTRAL BANK OF SRI LANKA
21 April 2023 | CIRCULAR | No. 01 of 2023
CESSATION OF ICRA LANKA LTD AS AN ACCEPTABLE CREDIT RATING AGENCY
Consequent to the cessation of the business operations of ICRA Lanka Ltd in Sri Lanka with effect from 31.01.2023 as informed by the Securities and Exchange Commission of Sri Lanka, it has been decided to discontinue the recognition of ICRA Lanka Ltd as an eligible/acceptable credit rating agency for regulatory purposes pertaining to licenced commercial banks and licensed specialised banks (hereinafter referred to as “licensed banks”).
Accordingly, licensed banks are requested to take appropriate measures in this regard.
(Signature)
Dr. P Nandalal Weerasinghe Chairman of the Monetary Board and Governor of the Central Bank of Sri Lanka