S&P to discuss funding opportunities for issuers

Sri Lankan issuers have significant opportunities to improve the diversification of their funding sources, says Standard & Poor’s Ratings Services (Standard & Poor’s). This topic and current credit trends for Sri Lankan issuers will be discussed at a seminar hosted by Standard & Poor’s on August 16.

Surinder Kathpalia, Managing Director, Standard & Poor’s Ratings Services, says that more can be done to improve capital market financing in Sri Lanka. "Currently the corporate debt market in Sri Lanka is very small relative to the government debt market as well as the equity market. The Securities and Exchange Commission (SEC) of Sri Lanka has outlined a capital market development roadmap which seeks to grow the corporate debt market from US$1 billion in outstanding debt at the end of 2012 to US$10 billion at the end of 2016."

Kathpalia explains, "Clearly a lot needs to be done to achieve the challenging goal of growing Sri Lanka’s corporate debt market ten-fold in the next four years. Sri Lankan issuers, both financial institutions and corporates, will also need alternate sources of funding until the local corporate debt market develops."

The seminar titled "Sri Lanka’s Issuers – A Global Perspective" will feature a panel discussion with industry leaders discussing financing opportunities for Sri Lanka’s issuers as well as progress and ideas for capital market development, for example, transparency and disclosure. In addition, Standard & Poor’s senior credit analysts will share their views on credit trends for the Sri Lankan sovereign as well as the country’s banks and corporates.

The seminar keynote speaker is the Governor of the Central Bank of Sri Lanka, Ajith Nivard Cabraal.

Presenters include Dr. Nalaka Godahewa, Chairman, Securities and Exchange Commission of Sri Lanka; Rajendra Theagarajah, Chief Executive Officer, NDB Bank; Preethi Jayaardena, Chairman, The Finance Company; Patrick Gallagher, CEO, HSBC Sri Lanka and Maldives; Ritesh Maheshwari, Managing Director, Asia-Pacific Financial Institutions Ratings, Standard & Poor’s; Kim Eng Tan, Senior Director, Asia-Pacific Sovereign Ratings, Standard & Poor’s; Mehul Sukkawala, Director, Asia-Pacific Corporate Ratings, Standard & Poor’s.

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