Seylan Bank's National Rating upgraded to 'A+(lka)' by Fitch Ratings

Seylan Bank PLC’s National Long-Term Rating has been upgraded by two notches to 'A+(lka)' from 'A-(lka)', with a Stable outlook by Fitch Ratings recently.

The noteworthy two-notch upgrade, part of Fitch Rating's recalibration of the Sri Lankan national rating scale following the sovereign upgrade, reflects Seylan Bank's financial stability and stable market position in Sri Lanka's banking sector. 

The recognition highlights the Bank's resilient business model, prudent risk management practices, and sustained performance improvements, demonstrating the ability to navigate challenging market conditions while maintaining consistent strategic execution.

Commenting on the upgrade, Ramesh Jayasekera, CEO Seylan Bank PLC, said, “The rating upgrade is confirmation of Seylan Bank's financial strength and firm commitment to deliver value to stakeholders. We will continue to focus on sustainable growth while maintaining strong financial fundamentals."

The upgrade follows Fitch's recalibration of Sri Lanka's national rating scale after the upgrade of Sri Lanka's Long-Term Local-Currency Issuer Default Rating (IDR) to 'CCC+' from 'CCC-'. The rating action also reflects Seylan Bank's creditworthiness relative to other issuers in Sri Lanka and demonstrates the Bank's improved competitive position in the local banking sector.

Charting the future, Seylan Bank remains committed to strategic priorities of unlocking potential through digital transformation, customer-centric innovation, and sustainable banking practices while maintaining its strong financial position and market presence with its challenger mindset.