Fitch withdraws ETI Finance’s National Long-Term ‘CC’ rating
Tuesday, 16 July 2013 01:02
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Fitch Ratings Lanka has withdrawn Sri Lanka-based ETI Finance’s (ETI) National Long-Term rating of ‘CC(lka)’.
Fitch has withdrawn the ratings as ETI has chosen to stop participating in the rating process. Therefore, Fitch will no longer have sufficient information to maintain the rating. Accordingly, Fitch will no longer provide ratings or analytical coverage for ETI.
Fitch’s national ratings provide a relative measure of creditworthiness for rated entities in countries with relatively low international sovereign ratings and where there is demand for such ratings.
The best risk within a country is rated ‘AAA’ and other credits are rated only relative to this risk. National ratings are designed for use mainly by local investors in local markets and are signified by the addition of an identifier for the country concerned, such as ‘AAA(lka)’ for National ratings in Sri Lanka.
Specific letter grades are not therefore internationally comparable.
