ICRA to offer rating services in Sri Lanka

ICRA to offer rating services in Sri Lanka
ICRA is planning to offer credit card services in Sri Lanka. The offer would be availed through its subsidiary ICRA LANKA LTD. The subsidiary is granted with the registration which would enable it function as Credit Rating Agency (CRA) by the Securities and Exchange Commission of Sri Lanka.

ICRA LANKA LTD, established early this year, would work in the local market offering its services. The subsidiary would simultaneously utilize the years of experience that its parent company ICRA gained in the areas of credit rating, grading and investment information.

The purpose behind the development stands to be the development of the debt market that remains underdeveloped in the area. Debt market still remains to be untouched when compared with the equity market in the country. The reason was further confirmed by ICRA Lanka Director W Don Barnabas, who further added that it was a good time to initiate the project.

Believing the decision to be beneficial and expecting the project to achieve high growth rates in the coming years, the project is a new overseas venture by ICRA, after the first being in Indonesia.

The project, as explained by ICRA managing director and CEO Naresh Takkar explained, would be success due to the improvement that took place in the macro environment in Sri Lanka.

Tracking the records, the Sri Lanka has reported an increase in its growth rate. The country was able to sustain a growth rate of 6 per cent even during the hard times. Additionally, the increase in the growth rate by 8 per cent further gave hopes of good opportunity in the country.

Read more about: icra, bse, nse
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