Sun, 29 May 2022 Today's Paper

Fitch withdraws Ceylon Income Fund rating; CAM says fund’s assets of investment grade

15 September 2015 03:11 am - 0     - {{hitsCtrl.values.hits}}

A A A

Fitch Ratings Lanka yesterday withdrew Ceylon Income Fund’s (CIF) National Fund Credit Quality Rating of ‘A(lka)’. CIM is managed by Ceylon Asset Management (CAM).
Following the Securities and Exchange Commission of Sri Lanka not renewing the licence of Lanka Rating Agency (LRA), in July 2015 Fitch placed the fund on rating watch negative. 
Fitch said the proportion of the fund’s assets that used to be rated by LRA was 32 percent at 9 September 2015.
Fitch has withdrawn the rating due to insufficient information as assets previously rated by LRA are no longer monitored. Accordingly, Fitch will no longer provide ratings for Ceylon Income Fund.
However CAM in a separate statement said the fund’s assets are of investment grade and the LRA suspension is beyond the control of the fund, the fund manger and the underlying listed company.  
The assets of the fund continue to be listed in the Colombo Stock Exchange (CSE), despite the LRA suspension by the SEC. Under the CSE listing rules it is mandatory for listed debentures to have a valid rating in order to be listed on the CSE.
 “Ceylon Asset Management assures investors of the Ceylon Income Fund that the fund continues to invest in investment grade securities that are listed in the CSE,” the CAM statement said. 
Fitch continues to rate the Ceylon Dollar Bond Fund (BB-/V5), which is managed by CAM.
Order Gifts to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Vegetables, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

Sell your vehicle & house fast with hitad.lk only cost is Rs.400, Advertise in Hitad.lk for free to sell your mobile phone. Want to sell your Pet, Advertise for Free in hitad.lk Search for Houses in Sri Lanka and find the best place through Hitad.lk find your best tuition place. Find the best partner for you, visit hitad.lk Find anything at any time hitad.lk.

  Comments - 0

Order Gifts to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Vegetables, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

Sell your vehicle & house fast with hitad.lk only cost is Rs.400, Advertise in Hitad.lk for free to sell your mobile phone. Want to sell your Pet, Advertise for Free in hitad.lk Search for Houses in Sri Lanka and find the best place through Hitad.lk find your best tuition place. Find the best partner for you, visit hitad.lk Find anything at any time hitad.lk.


Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment




Order Gifts to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Vegetables, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

Sell your vehicle & house fast with hitad.lk only cost is Rs.400, Advertise in Hitad.lk for free to sell your mobile phone. Want to sell your Pet, Advertise for Free in hitad.lk Search for Houses in Sri Lanka and find the best place through Hitad.lk find your best tuition place. Find the best partner for you, visit hitad.lk Find anything at any time hitad.lk.


Rashini Ready to Fight Cancer, but needs help

Sri Lanka is officially bankrupt and on the precipice of starvation. Fuel que

Student’s basic right to education trampled due to ‘hair issue’

Education is a fundamental right guaranteed by the UN Charter and the Constit

Sajith will lead SL soon but this time he failed in his decision making - Harin

Tourism Minister and SJB MP Harin Fernando has come out strong on his decisio

Shocking inside stories of the sugar scam

In the backdrop of former Finance Minister Ali Sabry’s proposed plan to inc