ICRA Lanka Limited (ICRA Lanka) is a Credit Rating Agency licensed by the Securities and Exchange Commission of Sri Lanka (SEC). ICRA Lanka is a fully owned subsidiary of ICRA Limited (ICRA) of India. The company was granted license by the SEC in May 2011.
ICRA Limited (“ICRA”), the parent Company was set up in 1991 by leading financial/investment institutions, commercial banks, and financial services companies as an independent and professional Investment Information and Credit Rating Agency. Today, ICRA and its subsidiaries together form the ICRA Group of Companies (Group ICRA). ICRA is a Public Limited Company, with its shares listed on the Bombay Stock Exchange and the National Stock Exchange. The ultimate parent company of the international Credit Rating Agency, Moody’s Investors Service, is ICRA’s indirect majority shareholder.
ICRA Lanka is also supported by a Technical Services agreement with ICRA, wherein the parent company provides operational support and resources. The methodologies currently used by ICRA Lanka are those provided by ICRA. The technical services arrangement ensures that these methodologies are reviewed and revised to meet current operating requirements. The rating process is thus driven by the expertise and experience of the parent company and the Group. Currently, the rating committee of ICRA Lanka is composed of Senior Executives from ICRA.