Sri Lankan Credit Rating Agency

completed

Summary Of Project Information (SPI)Project NameSri Lanka - DCR Lanka   RegionAsiaSectorProject No008648Projected Board DateFebruary 4, 1999Company NameDuff & Phelps Lanka Credit Rating Company Technical Partner and/or Major Shareholders Duff & Phelps Credit Rating Co., a Chicago based internationally recognized credit rating agency; Rating Agency Malaysia Berhad, the pioneer rating agency of Malaysia and the Central Bank of Sri Lanka.Project Cost Including proposed IFC investment The Company will be capitalized at US$500,000 equivalent in Sri Lankan Rupees with a shareholding structure consisting of Duff & Phelps Credit Rating Co., USA (35%), Rating Agency Malaysia Berhad(10%), the Central Bank of Sri Lanka(10%), and IFC (up to 20%). Location of project and Description of site Colombo, Sri Lanka     Description of Company and Purpose of Project The project involves the establishment of Sri Lanka''s first credit rating agency. Towards this end, a new company, Duff & Phelps Lanka Credit Rating Company will be set up. The Company will have a shareholding structure consisting of Duff & Phelps Credit Rating Co., USA (35%), Rating Agency Malaysia Berhad (10%), the Central Bank of Sri Lanka (10%), and IFC (up to 20%). The rest of the shareholding will be distributed among a large number of local financial institutions, each limited to a small share. Establishment of a credit rating agency is critical to the development of a debt market in Sri Lanka. This project is expected to help develop the still nascent corporate debt market by providing professional, timely and useful credit information.      Environmental Category and Issues This is a category C project according to IFC’s environmental review procedures, not requiring further environmental review          The is from the InfoShop.     Date SPI sent to InfoShop December 29, 1998“This Summary of Project Information is prepared and distributed to the public in advance of consideration of the proposed transaction by the Corporation’s Board of Directors. It is provided for the purpose of enhancing the transparency of IFC’s activities and should not be construed as presuming the outcome of IFC Board consideration.”For Additional Information contact: Corporate Relations Unit -telephone: (202) 473-7711facsimile: (202) 974-4384