MTD Walkers PLC

ICRA Lanka revises and suspends the ratings of MTD Walkers PLC

Instrument* Current Rated Amount Rating Action
Issuer Rating   N/A Revised to [SL]C from [SL]B- with Negative Outlook; Suspended
Senior Unsecured Redeemable Debentures   LKR 3,000 Mn Revised to [SL]C from [SL]B- with Negative Outlook; Suspended

ICRA Lanka Limited, Subsidiary of ICRA Limited, group company of Moody’s Investors Service, has revised the Issuer rating assigned to MTD Walkers PLC (“MTDWP”/“the Company”) to [SL]C (pronounced  SL C )  from [SL]B- (pronounced SL B minus[1]) with Negative outlook. ICRA Lanka has also revised the Issue Rating assigned to the Company’s senior unsecured redeemable debenture programme of LKR 3,000 Mn to [SL]C (pronounced  SL C ) from [SL]B- (pronounced SL B minus[2]) with Negative outlook. Further, ICRA Lanka has suspended both these ratings, as the Company has not provided the requisite information to carry out surveillances of these ratings.   

Links to previous rating rationale:

Mr. Raghunath T,


Mr. Danushka Perera,



Mr. W. Don Barnabas  

+94 11 4339907

[1]For complete rating scale and definitions please refer to ICRA Lanka’s Website or other ICRA Rating Publications

[2]For complete rating scale and definitions please refer to ICRA Lanka’s Website or other ICRA Rating Publications


Subsidiary of ICRA Limited

Level10, East Tower, World Trade Center, Colombo 01, Sri Lanka
Tel:+94 11 4339907;Fax:+94112333307;

© Copyright, 2019 ICRA Lanka Limited. All Rights Reserved. Contents may be used freely with due acknowledgement to ICRA Lanka.

ICRA Lanka ratings should not be treated as recommendations to buy, sell or hold the rated debt instruments. ICRA Lanka ratings are subject to a process of surveillance, which may lead to revision in ratings. An ICRA Lanka rating is a symbolic indicator of ICRA Lanka’s current opinion on the relative capability of the issuer concerned to timely service debts and obligations, with reference to the instrument rated. Please visit our website or contact ICRA Lanka’s office for the latest information on the outstanding ICRA Lanka ratings.

All information contained herein has been obtained by ICRA Lanka from sources believed by it to be accurate and reliable, including the rated issuer. ICRA Lanka however has not conducted any audit of the rated issuer or of the information provided by it. While reasonable care has been taken to ensure that the information herein is true, such information is provided ‘as is’ without any warranty of any kind, and ICRA Lanka in particular, makes no representation or warranty, express or implied, as to the accuracy, timeliness or completeness of any such information.

ICRA Lanka does not take any responsibility for accuracy of material/documents prepared or published by other parties based on this document. All ICRA Lanka official rating rationales are prepared in English and external parties may present or publish translated versions of the same. Readers are henceforth advised to refer to the ICRA Lanka’s official rating rationale in the event of any inconsistency found in such documents.

ICRA Lanka or any of its group companies may have provided services other than rating to the issuer rated. All information contained herein must be construed solely as statements of opinion, and ICRA Lanka shall not be liable for any losses incurred by users from any use of this publication or its contents.