ICRA Lanka reaffirms Nawaloka Hospitals credit rating of [SL] BBB- with revised outlook to stable

Wednesday, 25 August 2021 01:28 - - {{hitsCtrl.values.hits}}

Pioneering private healthcare provider Nawaloka Hospitals PLC recently had its investment grade credit rating of [SL] BBB- reaffirmed with a revised outlook to Stable, by ICRA Lanka Ltd.

The reaffirmed rating is in recognition of the remarkable progress achieved by Nawaloka Hospitals during the recent past by implementing a strong, sustainable business model which has enabled it to offer diversified operational specialities through high-end, value-added medical services. The rating has also factored in the strong brand name and exceptional operational track record of Nawaloka Hospitals, as demonstrated by the healthy market share enjoyed by the premier hospital chain in Sri Lanka’s competitive private healthcare industry.

“During the past year, we were met with an incredibly volatile and challenging business environment due to restrictions imposed to curb the spread of the COVID-19’ virus. Therefore, we were quick to adapt and innovate to keep pace and meet the rapidly evolving needs of the public. The contribution and dedication of the brave and passionate team at Nawaloka Hospitals was pivotal to this significant improvement in performance.

“As the first private hospital in Sri Lanka, we remain steadfast to support people from all walks of life who seek us out day after day, for our diverse and easily accessible service portfolio, indelible reputation, and strong commitment to continuously deliver world-class healthcare in a safe and secure environment,” remarked Nawaloka Hospitals Deputy Chairman Harshith Dharmadasa.

Commencing operations in 1985 as the first private sector hospital in Sri Lanka, the Nawaloka group has over the years established a strong brand name in the Sri Lankan healthcare industry. It is one of the largest hospital chains in Sri Lanka with a total capacity of 365 beds in Colombo and Negombo hospitals, further strengthened by its island-wide network of labs.

The hospital chain houses world-class facilities in strategic locales across the island to enable Sri Lankans everywhere to access the expertise of a team of reputed consultants and specialists, and supporting medical staff. In 2021, Nawaloka commenced the construction of an extension building to the Negombo regional hospital, further enabling the hospital chain to strengthen its regional presence. The Nawaloka Hospitals Specialist Centre also operates 14 unique and diverse treatment centres, including a bone marrow transplant unit, post-COVID care centre, kidney centre, neuro centre and heart centre.

Starting January 2021, Nawaloka Hospitals also introduced four world-class, fully-geared Intermediary Care Centres with ICU facilities, by partnering with several star class hotels, to offer a total capacity of 500 beds for the treatment of COVID-19 patients. The hospital also offers in-house treatment for COVID-19 patients in one of their isolated wings.

Additionally, through the Nawaloka Nursing School, the organisation continues to train and produce highly skilled nurses to support hospital operations as well as to bridge the skill gap experienced by the healthcare sector at this time.