First Capital Holdings issuer rating upgraded to A by ICRA

Chairman Nishan Fernando

Director and CEO Dilshan Wirasekara

ICRA Lanka, has upgraded the issuer rating of First Capital Holdings PLC to [SL]A with Stable Outlook from [SL]A- with Stable Outlook.

ICRA Lanka has taken a consolidated view of the First Capital Group, comprising First Capital Holdings PLC and its subsidiaries, which is involved in a range of financial services, such as primary dealership, equity trading, corporate advisory, debt structuring and asset management. There is a strong interlink between the entities through sharing of a common brand, management team, systems and group treasury functions. The ratings upgrade factors in the status of the company as the holding company of First Capital Treasuries PLC, the leading standalone primary dealer currently in Sri Lanka with an issuer rating of [SL]A with Stable Outlook. 

The ratings upgrade also factors in the improvement in the capital and gearing profiles, good market position offering diverse financial services, a strong senior management team, risk management processes to reduce market and operational risks, as well as improvement in the capitalisation profile through healthy internal generation.