~D c:.co. cc .o c_.oc ccco c:.co..

c:cc
IFS ccccco. 'BBB(lka)' cc: ccc .c_..
~D .cocc- .c:..c:..c:c.cccc:c - 20I4 c.c:Scc 2 .OO Dccc. c o
IFS ccccco. cSco ...o co _:c c.:c o c:c cO ccc c_ c Dccc.
ccc c:co. cc.. oc:c Dccc. ccc c .D.

~D .cocc _.c: c:.co. c _.c:.D cc cc.o c_.o c ccco cO:c.S AAIP`
c:cc cc cc O_. ccc .co. cc c:cc cc:_o .co. 'BBB+(lka)' c . 'BBB(lka)'
cc: ccc O ccc .co .cO c+o:cOc o. .co o cco.. Rating Watch
Negative (RWN)` c c:occ cco _. ~D c:.co. 'B' OD..S ccco cc cc O_. ccc
(IFS) .co. RWN c c c:occ cco _.

c.:o o. .c o .:cc.o
20I4 c.c:Scc 02 .co o cc OD cO:cO co .c:~ D._:Sc .c:_o cc cO:c.S
SHL; BBB-(lka)/RWN` o. .co. co OD.S .cco ccc .c_ O O.o o c:co. c c
SHLc o. ccc:c. c:_c. .c ._c co DO AAIP c c:cc .co. cc coOD.Oco
ccc .c_ O. .cc D.. SHL c _cc_ o. ccc:c., ccc. D.c cc.cc c:c.o. ..DO
c o AAIP c cc.o. cc: cc:. D.S c:c.:c co cco ccc cO c.. .c:.ccc:.cc
DO co cO:cO _co c:O cc cc_:c c. cc..

c _.c: cc co Oo._. O.o AAIP c:_o. cco ccc SDc cc SDc .o:co cc co
cc: ccO cc..o 1x ccO c:_c o cocc co c:c.c cccc: c:o O c:ct o cc cc
.cc_:c c_. ..c .D. cO:c.S .c:.cccO I0 c:co ccc cc Deutsche
Investitions- und Entwicklungsgesellschaft (DEG) cc Financierings-Maatschappij voor
Ontwikkelingslanden N.V. (FMO, AAA/c c:cc/F1+) AAIP c c t .c:.c c.o c
_:c:.c .cDO cSco ...o Dc:.c c.: cO. . c:c. c coc AAIP o. .co. ccc
.c_ O cc coOD.Oc. c O: cc c:c.

RWN O.o _:cco.c ._c SHL c c:c.o cc cc_c: ccc.c:c.o. cc:. D.Oc_:
c _:c:.c .cDO ccc: SHL c _cc_c cc_c: ccc:c. AAIP c o. ccc:c. .c.c
c_c:S cO. c:c c:c.:c oc:co. cc.. SHL c o. .co RWN c c c:occ cO
c o cc cc_c:c., c:c.o c.c. cc O_. oO.c_cc. .c.c ccco: c:_c__
o c:co. .D.

AAIP c o. .co O.o cc cO:occ oO c cc.o. co .c..c: .c:.c cc .Dccc
c::.S cc.o.c O.o cc c:c.occo. .c.c c:c cco c.o. cZ cc.. .
cOccc AAIP c ccco: SHL c:_c cc:ccc. ccc: .c:~ D._:Sc cOc..
.c:.ccc:.ccDO co _co c:Occ cc_:c.o o. .co .c.c .ccc c_c:Oc c:c
cc.. AAIP c ccc:c. I0 c:co c DEG cc FMO c cc:ccc. O.o ccc cc.o. co
_.

I000 ccc.. c c:cc AAIP 20I8 ccc ccc:o.. c.cc.. cccSc_o 8 c. cO:o.c.
ccS c.o c SDc cc SDc .o:co` cc co o cc cO:cOc. SHP cO c.
.c:c.:cc cc cc O_. .c c: c.cc_ c .:cOc co c:Do AAIP cO:cO cO c. cO.
.O.c.S ccc.:co cccc:.co ... c. o cc: cc cOc.. c:c: cc .D_ .c.c:_
cc_o. c.S c:c.:c cO:cO cc .. cO:cO ccc 0 cc c:c: c.c.:cc ccc.
20I4 cO cc. ccc.. AAIP c cc:c. SDc cc SDc .o:co` _7c c:c c:c._
7_.o 2.2 c c ccc 20I8 cO cc. ccc.. c . I4 c cc.o.c c:cc: cc..

o. .co c..Dc:c.o
SHL c _cc_ cc_c: cccc. .o:c_c: AAIP c:.co.. cc o. ccc cccc:.co
.:.S c:c.:c o c:co. cO RWN - c+o:cOc o. .co o cco.. c:c c cO. cc
cco. cc cO. .cc co ccc SHL cO:o:cOcc cc ccO_. ccc.c:c.o ccc:_ O.
o _c: co:cc.. c..c cO o. .co cc_c.c ccc .o:.c_: SHL c c+o:cOc o.
.co o cco.. c:cc cO. cc cco. cc cO. .cc .D.

AAIP c c:_c o cocccS co c:c. SDc .c: SDc .o:co cc co cc: 1.5X c.: cc
cc.c c:o O .c: cc c:_c .c:.cc.o.c o. ccc:c. c:_c. .c OD.Oco
_cc_DO .co ccc O .c.c c_c:o c:c.


Contacts:
Primary Analyst (International Ratings)
Jeffrey Liew
Senior Director
+852 2263 9939
Fitch(Hong Kong) Limited
2801, Tower Two, Lippo Centre,
89 Queensway
Hong Kong

Secondary Analyst (International Ratings)
Nayantara Bandaranayake
Analyst
+94 112541900
Primary Analyst (National Ratings)
Nayantara Bandaranayake
Analyst
+94 112541900
Fitch Ratings Lanka Limited
Level15-04, East Tower, World Trade Center
Colombo 01, Sri Lanka

Secondary Analyst (National Ratings)
Jeffrey Liew
Senior Director
+852 2263 9939
Committee Chairperson
Chris Waterman
Managing Director
+44 20 3530 1168

Media Relations: Leslie Tan, Singapore, Tel: +65 67 96 7234, Email: leslie.tan@fitchratings.com.
Note to editors: Fitch's National ratings provide a relative measure of creditworthiness for rated
entities in countries with relatively low international sovereign ratings and where there is demand for
such ratings. The best risk within a country is rated 'AAA' and other credits are rated only relative to
this risk. National ratings are designed for use mainly by local investors in local markets and are
signified by the addition of an identifier for the country concerned, such as 'AAA(lka)' for National
ratings in Sri Lanka. Specific letter grades are not therefore internationally comparable.
Additional information is available at www.fitchratings.com
Applicable criteria, 'Insurance Rating Methodology ', dated 4 September 2014, and 'National Scale
Ratings Criteria', dated 19 January 2011, are available at www.fitchratings.com.

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ
THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK:
HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND
THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE
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PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE
FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON
THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.