...Fitch Ratings affirmed Sri Lanka Telecom PLC's (SLT) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'B+' and its National Long-Term Rating at 'AAA(lka)'. The Outlook is Stable. SLT's IDRs are constrained by Sri Lanka's sovereign IDRs of 'B+' as the state holds a majority stake (51%) in SLT directly and indirectly, and exercises significant influence on its operating and financial profile. SLT's second-biggest shareholder, Malaysia's Usaha Tegas Sdn Bhd at 44.9%, has no special provisions in its shareholder agreement to dilute the government's significant influence over SLT. SLT's senior unsecured debt (`AAA(lka)') of up to LKR7 billion is rated at the same level as its National Long-Term Rating, as the debentures rank equally with other senior unsecured obligations....
