RAM Ratings goes back to its original name Lanka Rating Agency
Monday, 5 May 2014 00:00
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With the divestment of RAM Holdings and the entry of local shareholders such as Hatton National Bank PLC, Commercial Bank PLC, Sampath Bank PLC, NDB Bank PLC and additional technical assistance from a global rating agency, RAM Ratings (Lanka) Ltd., is adopting a brand identity which illustrates its commitment to Sri Lanka.
The company will henceforth be known as Lanka Rating Agency (LRA), which is essentially a domestic credit rating agency with global expertise similar to many other domestic rating agencies in Asia and Europe. Incidentally RAML was originally known as LRA when it was set up in 2003.
In 2014, RAML, completed 10 years of service within the Sri Lankan economy. Over the years RAML has become a significant player in the credit rating industry of the nation.
"Malaysian rating agency divests stake to several new shareholders including HNB, COMB, SAMP, NDB "
RAM Rating Services Berhad (RAMRS) is the premier domestic rating agency in Malaysia, which facilitated the development of domestic bond markets in Malaysia, and with that expertise LRA was set up in Sri Lanka in 2003 with the intention of developing the country’s bond market.
Given the circumstances within the Asian financial markets, RAMRS provided training, advice and guidance while instilling the RAM brand within the country.
With the end of the northern conflict and the improvement in the domestic bond market RAM Holdings initiated proceedings to hand over management of the organisation to local professionals who were trained to lead a truly domestic rating agency similar to CRISIL of India, RAMH of Malaysia, TRIS of Thailand and Japan Credit Rating Agency of Japan.
RAML is the only rating agency in Sri Lanka which is a full member of Association of Credit Rating Agencies Asia (ACCRA) which is an association of 30 rating agencies in Asia from 13 countries formed with Assistance of Asian Development Bank (ADB) to develop the domestic bond markets in Asia in 2001.
LRA said there will be no changes to the currently-adopted standards and there will be no changes to the ratings issued previously.
