Fitch changes Melsta watch to evolving

Fitch Ratings said it revised the rating watch on Melsta Regal Finance Ltd.'s (MRF) national long-term rating of A+(lka) to evolving from negative.

The action follows the April 2 announcement that a consortium led by Fairfax Financial Holdings Ltd. of Canada will acquire 100% of the equity in Sri Lanka-based MRF from its current parent, Melstacorp plc (MC) for LKR 2.5 billion. Fairfax will be the single-largest shareholder of Melsta after the completion of the transaction with effective control of 70% of the company via Bluestone1 (Private) Ltd., a special purpose vehicle established for the acquisition of Melsta.

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