Ratings agency ICRA today said it will offer services in Sri Lanka and has incorporated a subsidiary for the same.
ICRA Lanka Ltd has been granted registration to function as a credit rating agency (CRA) by the Securities and Exchange Commission of Sri Lanka, ICRA said in a statement.
"The time is just right for ICRA to enter Sri Lanka and contribute towards the development of the nation''s capital markets and also participate in that growth," ICRA Vice- Chairman and Group CEO P K Choudhury said.
ICRA Lanka was incorporated early this year and will be offering its services in the local market there, putting into use parent ICRA''s accumulated experience in the areas of credit rating, grading and investment information, the statement added.
ICRA Lanka Director W Don Barnabas said that although the equity market is relatively developed, debt market in still in its nascent stage in Sri Lanka.
"There is great scope to develop this market, and that augurs well for the ratings business in Sri Lanka," Barnabas said.