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Lanka Rating Agency
Press Release

Date
22-Feb-24

Analyst
Gayani Randima Ariyawansa
gayani@lra.com.lk
+94 114 500099
www.lra.com.lk

Applicable Criteria

  • Methodology | Corporate Rating | Jun-22

Related Research

  • Sector Study | Distribution | Gas | Jun-23

Disclaimer
This press release is being transmitted for the sole purpose of dissemination through print/electronic media. The press release may be used in full or in part without changing the meaning or context thereof with due credit to LRA

LRA Withdraws the Entity Rating of Litro Gas Lanka Limited

Rating Type Entity
Current
(22-Feb-24)
Previous
(09-May-22)
Action Withdraw Maintain
Long Term - A-
Outlook Negative
Rating Watch - Yes

Subsequent to the management's decision to discontinue the rating, LRA withdraws the entity rating of Litro Gas Lanka Ltd with immediate effect.

About the Entity
Litro Gas Lanka Limited is a limited liability company incorporated under the Companies Act, No. 07 of 2007 of Sri Lanka. The Company was established in 1872 and is currently owned by the Sri Lanka Insurance Corporation (SLIC). Litro Gas is principally involved in importation, processing, storing, distributing and sale of Liquid Petroleum Gas (LPG). The CEO and Chairman, Mr. Muditha S. G. Peiris is a well-known business professional with an ample experience in the LPG industry. Litro Gas Lanka's Board of Directors (BoD) consists of nine members including the CEO.

The primary function of LRA is to evaluate the capacity and willingness of an entity to honor its obligations. Our ratings reflect an independent, professional and impartial assessment of the risks associated with a particular instrument or an entity. LRA's comprehensive offerings include instrument and entity credit ratings, insurer financial strength ratings, fund ratings, asset manager ratings and real estate gradings. LRA opinion is not a recommendation to purchase, sell or hold a security, in as much as it does not comment on the security's market price or suitability for a particular investor.