SEC restrains Lanka Rating Agency from providing new ratings

The Securities & Exchange Commission of Sri Lanka (SEC) has taken steps to restrain Lanka Rating Agency Ltd. from providing new ratings with effect from 25 March until the company complies with regulatory requirements imposed by the Commission.

The Commission took this decision at its 353rd meeting held on 10 March after deliberating on certain structural issues pertaining to the company.

Lanka Rating Agency Ltd. is a registered Market Intermediary with the Securities and Exchange Commission of Sri Lanka under the category of a Credit Rating Agency and is one of the three credit rating agencies operating in Sri Lanka under the purview of the SEC.

The Commission is statutorily vested with the objective of protecting the interest of investors and is empowered to do all such acts as may be incidental or conducive to attainment of the objects of the Commission.