People’s Bank has achieved a significant milestone with Fitch Ratings upgrading its National Long-Term Rating by two notches, from ‘AA-(lka)’ to ‘AA+(lka)’, with a Stable Outlook. This is only the second time the bank has a received a double notch rating upgrade in its history with the first instance being in 2010. The upgrade places People’s Bank ahead of all private sector commercial banks in Sri Lanka on Fitch’s national rating scale, reaffirming its position among the country’s strongest and most trusted financial institutions. With this upgrade, People’s Bank now jointly enjoys the highest National Long-Term Rating among domestic commercial banks, while surpassing the ratings of leading private sector banks. The development represents an important endorsement of the Bank’s underlying strengths, extensive customer franchise and dominant position within Sri Lanka’s banking industry. In announcing the rating action, Fitch Ratings specifically recognised the significantly stronger domestic franchises of People’s Bank relative to large private sector banks. The agency highlighted their market-leading customer reach, extensive branch networks, strong deposit franchises and established market positions, which provide significant advantages in funding strength and stability. The upgrade follows Fitch’s recalibration of Sri Lanka’s national rating scale after the recent improvement in the country’s sovereign credit rating. Importantly, the revised rating framework has enabled greater recognition of People’s Bank’s distinctive competitive strengths and relative creditworthiness within the domestic banking sector. Commenting on this landmark achievement, People’s Bank Chairman Mr. Chandana Guniyangoda stated: “This two-notch rating upgrade is a significant achievement for People’s Bank and a strong recognition of the confidence and trust the institution has earned over six and a half decades. It demonstrates that our unparalleled national reach, strong customer relationships and established market position remain fundamental competitive strengths. Being rated above all private sector banks is particularly encouraging and reinforces the importance of combining our national development mandate with sound commercial banking principles, strong governance and financial discipline. I specially appreciate the commitment and contribution extended by my fellow directors, CEO/GM and the entire staff of the bank. Also, this would not have been possible without the guidance and support received from the regulators, the Ministry of Finance and other key stakeholders. As we chart the Bank’s next phase of growth, we remain committed to building an even stronger, more competitive and future-ready institution that creates sustainable value for all our stakeholders.” The rating upgrade also comes at a time when People’s Bank is demonstrating strong financial momentum and pursuing a strategic transformation of its business model, with greater emphasis on commercial competitiveness, operational efficiency, customer-centricity and digital innovation. People’s Bank Chief Executive Officer/General Manager Mr. Clive Fonseka, commenting on the upgrade, stated: “This recognition by Fitch Ratings is an important endorsement of the fundamental strengths of People’s Bank and the direction in which we are moving. We have been steadily transforming our business to become more competitive, efficient and customer-focused, while maintaining prudent financial and risk management practices. Our objective is not merely to preserve our position as one of Sri Lanka’s largest banks, but to establish ourselves among the best-performing and most resilient financial institutions in the country. This upgrade provides further encouragement as we accelerate our transformation, strengthen our financial performance and deliver greater value to our customers. I would like to acknowledge the guidance and direction given by our Chairman Mr. Chandana Guniyangoda and the board of directors and the dedication of all our team members across the country, whose collective efforts continue to drive the Bank forward.” The latest Fitch upgrade further strengthens People’s Bank’s standing among customers, depositors, investors and other stakeholders, providing renewed recognition of the Bank’s institutional strength and competitive positioning. As People’s Bank advances its strategic priorities for the coming years, this achievement provides a strong platform for its ambition to combine financial excellence, innovation and commercial competitiveness with its longstanding commitment to financial inclusion and national economic development. The upgrade to AA+(lka) is not merely a recognition of the Bank’s standing today, but also a powerful encouragement to build an even stronger People’s Bank for tomorrow. (Newswire) The post People’s Bank secures two-notch Fitch rating upgrade to AA+(lka) appeared first on Newswire.
