LANKA RATING WITHDRAWS


the Preliminary Debt Instrument Rating Of Fixed Income Investment II (Pvt) Ltd - Trust 4

LRA Logo

28-Jul-26

01

Applicable Criteria

Methodology | Debt Instrument Rating | Aug-24

02

Related Research

Sector Study | Capital Markets | Aug-25


03

Analyst

Ruwanthi Sylva | ruwanthi@lra.com.lk
+94 114 500099 | www.lra.com.lk

PRESS
RELEASE

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 Logo
Rating Type Debt Instrument
Current
(28-Jul-26) 		Previous
(12-Dec-24)
Action Withdraw Preliminary
Rating - AA
Outlook Stable
Rating Watch - -


Subsequent to the management's decision to dispose of the underlying securities of Fixed Income Investment II (Pvt) Ltd ("FII II" or "the Company") – Trust 4 and settling all related obligations, Lanka Rating withdraws the rating assigned to FII II – Trust 4 with immediate effect.

LRA Logo

About the Entity

Fixed Income Investment II (Pvt) Ltd – Trust 04 (“the Company”), a Special Purpose Vehicle (SPV), was incorporated under the Companies Act No.07 of 2007. The registered office of the Company was situated at level 5 Millennium House, No 45/58 Colombo. The Company was a ~100% owned subsidiary of CAL Holdings Limited. The ultimate majority ownership of CAL Holdings remains with Mr. W.A.T. Fernando (through Ashthi Holdings (Pvt.) Limited) and Ms. Shiromal Cooray (through Jetwing Travels (Pvt.) Ltd).


About the Instrument

The FII II issued LKR~1.618 bn of Treasury Bonds on 12th December 2024. At issuance, the bonds carried a remaining tenure of about 3.4 years, with a stated legal maturity date of 1st May 2028. The coupon rate on the bonds was ~9.00%. Following the issuance, the Company sold LKR~1.618 bn of the T. Bonds in the market through primary dealers, Capital Alliance PLC (CALPLC) and HNB Security (HNBS). Investments in these bonds were restricted to CAL Unit Trust funds, specifically the Capital Alliance Investment Grade Fund, the CAL Fixed Income Opportunities Fund, and the Capital Alliance Income Fund. No other investors were permitted to participate.

Lanka Rating Agency Limited

No. 145,
Kynsey Road, Colombo 00800, Sri Lanka

Tel: +94 11 450 0099

Web: http://lra.com.lk

E-mail: info@lra.com.lk