Lanka Rating Agency appoints Dr. Kenneth De Zilwa as CEO/MD

The Lanka Rating Agency Ltd. (LRA) has announced the appointment of Dr. Kenneth De Zilwa as its new Chief Executive Officer and Managing Director effective 23 September 2024.

Dr. De Zilwa, a banking expert and business cycle economist, will transition from his role on the LRA Board of Directors to lead the company’s executive operations.

Dr. De Zilwa, former Chairman of LankaPay Ltd., Sri Lanka’s national payments and settlements institution, brings relevant experience to this role. His background and knowledge in trade finance, economic cycles, digital payments and settlements, financial markets, and macroeconomic policy align with the evolving needs of the credit rating industry in today’s rapidly changing financial landscape.

Commenting on his appointment and the broader economic context, Dr. De Zilwa said: “As we navigate through complex economic cycles, the role of credit rating agencies becomes increasingly critical. The global economy is experiencing unprecedented shifts, from technological disruptions to changing trade patterns and evolving monetary policies. In this context, our focus at the LRA will be on developing more sophisticated, forward-looking rating methodologies that account for these macro trends. By integrating advanced analytics with a nuanced understanding of economic cycles, we aim to provide insights that not only reflect current realities, but also anticipate future economic shifts. This approach will be crucial in supporting the resilience and growth of Sri Lanka’s financial markets amidst global economic uncertainties.”

The LRA Board of Directors expressed confidence in Dr. De Zilwa’s appointment.

A Board spokesperson stated: “Dr. De Zilwa’s experience in the banking sector and his familiarity with Sri Lanka’s financial ecosystem will be valuable assets in his new role. We believe his insights will contribute to the LRA’s continued efforts to provide reliable and timely credit assessments in our dynamic economic environment.”

The LRA Ltd. is a premier credit rating agency in Sri Lanka. The LRA provides crucial services to the financial sector, including credit ratings for corporations and financial instruments, sector-specific research reports, and comprehensive risk assessments. As an independent entity, the LRA plays a vital role in fostering transparency and informed decision-making in Sri Lanka’s financial markets.

The LRA is the only local rating agency with global expertise and a deep understanding of Sri Lanka. This unique combination allows the LRA to provide nuanced, locally relevant assessments while adhering to international best practices in credit rating methodologies.