Business and economics news
Fitch Affirms Ratings of 10 Sri Lankan Finance Companies


Fitch Ratings has affirmed the ratings of the following finance companies:
- People's Leasing & Finance PLC (PLC)
- Central Finance Company PLC (CF)
- Melsta Regal Finance Ltd (MRF)
- HNB Grameen Finance Limited (HGL)
- LB Finance PLC (LB)
- Siyapatha Finance PLC (Siyapatha)
- Senkadagala Finance PLC (Senka)
- AMW Capital Leasing And Finance PLC (AMWCL)
- Singer Finance (Lanka) PLC (SFL)
- Mercantile Investments and Finance PLC (MIF)

n addition, Fitch assigned Siyapatha's proposed subordinated debentures an expected rating of 'BBB+(lka)(EXP)'.

A full list of rating actions is at the end of this rating action commentary.

KEY RATING DRIVERS
IDRS, NATIONAL RATINGS AND SENIOR DEBT
The rating actions follow Fitch's periodic review of the large and mid-sized finance companies in Sri Lanka.




SOM designs “new skyline” for port area of Sri Lanka’s largest city

SOM has won a competition to design a new district for Sri Lankan city Colombo, with a design featuring numerous skyscrapers, a marina, canals and a park, influenced by the country's tropical climate.

The finance and marina district masterplan was designed by SOM for CHEC Port City Colombo, which is looking to transform 269 hectares of reclaimed land beside Colombo's central business district.

Backed by the China Communication Construction Company, the Port City masterplan aims to create a new hub for commerce, tourism and culture in Sri Lanka's largest city, with connections to the main port and the historic Galle Face Green recreation ground.
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Sri Lankan shares fall for seventh session in eight; foreigners buy

Reuters - Sri Lankan shares fell for a seventh session in eight on Thursday and posted their lowest close in a month with blue chips leading the losers.

However, foreign investors bought into risky assets, limiting the downside.

The Colombo stock index ended 0.16 percent lower at 6,684.47, its lowest close since June 19, and its fourth straight session of falls.

"Turnover was healthy and we still see foreign interest in equities. We see the support level at 6,650," said Hussain Gani, deputy CEO at Softlogic Stockbrokers.

Foreign investors bought shares worth net 346.3 million rupees ($2.25 million) on Wednesday, extending the year-to-date net foreign inflow to 24.8 billion rupees worth of equities.

Turnover was 1 billion rupees, higher than this year's daily average of 914.1 million rupees.

Shares of Ceylon Tobacco Company fell 1.6 percent, while market heavyweight John Keells Holdings closed 0.6 percent weaker.

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