Sri Lanka selects leading banks as advisors to enhance sovereignty rating

In an effort to enhance the country's sovereign rating to an investment grade, Sri Lanka has appointed three leading international banks as advisors, the Central Bank announced Friday.


The government has called for proposals from top ten leading banks and investment houses in the world following recommendations by a dedicated Sovereign Rating Committee (SRC) that was appointed by the Monetary Board in March 2010.

Issuing a statement the Central Bank said after evaluating the proposals the government had chosen The Hongkong and Shanghai Banking Corporation Ltd, Bank of America Merrill Lynch and The Royal Bank of Scotland PLC as rating advisors for a period of four years starting July 2010 to assist and guide the Government of Sri Lanka to achieve its stated objective of attaining investment grade ratings by 2014.

Central Bank outlined the measure to achieve an investment grade rating within the next four years in its "Road Map 2010 and Beyond" plan.