Summary of Proposed Investment
Project Number
8648
Company Name
FITCH RATINGS LANKA LIMITED
Date SPI Disclosed
Dec 29, 1998
Country
Sri Lanka
Industry
Financial Markets
Status
Completed
Sector
Credit Information Services
Department
Regional Industry - FIG Asia & Pac
Environmental Category
C - No Impact
Previous Events
Approved : May 3, 1999
Signed : Nov 12, 1999
Invested : Nov 17, 1999
Project Description
Summary Of Project Information (SPI)
| Project Name | Sri Lanka - DCR Lanka |
| Region | Asia |
| Sector |
| Projected Board Date | February 4, 1999 |
| Company Name | Duff & Phelps Lanka Credit Rating Company |
Technical Partner and/or Major Shareholders
Duff & Phelps Credit Rating Co., a Chicago based internationally recognized credit rating agency; Rating Agency Malaysia Berhad, the pioneer rating agency of Malaysia and the Central Bank of Sri Lanka.
Project Cost Including proposed IFC investment
The Company will be capitalized at US$500,000 equivalent in Sri Lankan Rupees with a shareholding structure consisting of Duff & Phelps Credit Rating Co., USA (35%), Rating Agency Malaysia Berhad(10%), the Central Bank of Sri Lanka(10%), and IFC (up to 20%).
Location of project and Description of site
Colombo, Sri Lanka
Description of Company and Purpose of Project
The project involves the establishment of Sri Lanka''s first credit rating agency. Towards this end, a new company, Duff & Phelps Lanka Credit Rating Company will be set up. The Company will have a shareholding structure consisting of Duff & Phelps Credit Rating Co., USA (35%), Rating Agency Malaysia Berhad (10%), the Central Bank of Sri Lanka (10%), and IFC (up to 20%). The rest of the shareholding will be distributed among a large number of local financial institutions, each limited to a small share. Establishment of a credit rating agency is critical to the development of a debt market in Sri Lanka. This project is expected to help develop the still nascent corporate debt market by providing professional, timely and useful credit information.
Environmental Category and Issues
This is a category C project according to IFC’s environmental review procedures, not requiring further environmental review
The is from the InfoShop.
| Date SPI sent to InfoShop | December 29, 1998 |
“This Summary of Project Information is prepared and distributed to the public in advance of consideration of the proposed transaction by the Corporation’s Board of Directors. It is provided for the purpose of enhancing the transparency of IFC’s activities and should not be construed as presuming the outcome of IFC Board consideration.”
For Additional Information contact: Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 974-4384
Sponsor / Cost / Location
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