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Credit rating agency, ICRA Ltd, would be starting its Sri Lankan operations, as its wholly owned subsidiary, ICRA Lanka Ltd, has received registration from the Securities and Exchange Commission of Sri Lanka.
ICRA Lanka was incorporated early this year and would be offering its services in the local market there, in the areas of credit rating, grading and investment information, said a press release issued by the rating agency.
The release quoted Mr W. Don Barnabas, the Colombo-based Director of ICRA Lanka as saying, “Although we have a relatively developed, albeit small, equity market, the debt market is still in its infancy. There is great scope to develop this market, and that augurs well for the ratings business in Sri Lanka.”
This is ICRA's second overseas office. The rating agency's Indonesian venture, PT. ICRA Indonesia, is now fully operational, having obtained its rating license in 2010.
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