A Testament to Market Resilience, Strategic Leadership, and National Financial Progress
First Capital Holdings PLC (FCH), one of Sri Lanka’s leading non-bank financial institutions, and Lanka Rating Agency Ltd (LRA), the country’s independent credit rating authority, are pleased to announce the upgrade of FCH’s long-term credit rating to ‘A+’ from ‘A’, with a Stable Outlook.
This upgrade reflects FCH’s sustained profitability, sound capital structure, robust governance, and strategic leadership in Sri Lanka’s evolving capital market landscape.
Strength in Strategy and Execution.
The rating upgrade follows an in-depth review of FCH’s financial performance, risk management frameworks, and market positioning. The company has consistently demonstrated strength in its core operations—particularly in government securities trading, capital markets advisory, and wealth management—backed by strong compliance standards and operational discipline.
The agency’s assessment underscored FCH’s resilience amidst macroeconomic challenges and its ability to deliver consistent value across economic cycles, positioning it as a benchmark institution in Sri Lanka’s capital markets.
A Cornerstone of the Capital Market.
As a Primary Dealer licensed by the Central Bank of Sri Lanka, First Capital Holdings has long served as a pillar in Sri Lanka’s fixed income markets. The company has significantly contributed to deepening liquidity, enhancing price discovery mechanisms, and supporting institutional and retail access to government securities.
With over three decades of market presence, FCH has played a critical role in advancing financial inclusion, improving capital formation, and reinforcing confidence in the country’s financial infrastructure.
Leadership Comments.
Mr. Dilshan Wirasekara, Managing Director/CEO, First Capital Holdings PLC, stated: “This upgrade to ‘A+’ is a milestone that reflects our sustained focus on delivering stability, innovation, and long-term value for our clients and stakeholders. We thank Lanka Rating Agency for their rigorous assessment and constructive engagement throughout the rating process.
LRA has played an important role in enhancing transparency and market discipline in the financial sector. Their analytical depth and professionalism bring credibility to Sri Lanka’s credit rating landscape, contributing positively to the development of the national financial architecture.”
Dr. Kenneth De Zilwa, Chief Executive Officer, Lanka Rating Agency Ltd, commented: “First Capital Holdings’ upgraded rating is the result of their prudent financial stewardship, strategic foresight, and consistent operational strength. The company has demonstrated leadership not just in numbers, but in standards.
I would also like to commend the leadership at FCH for maintaining high levels of governance, accountability, and transparency. Institutions like FCH are critical to rebuilding national confidence and resilience in Sri Lanka’s capital markets, and we are proud to stand alongside them in that journey.”
Financial Highlights (Unaudited)
Net Profit: LKR ~4.3 billion in 9MFY25 (vs. LKR ~8.3 billion in 9MFY24)
Group Profitability: LKR ~4.5 billion in 9MFY25; LKR ~10.2 billion in FY24 (vs. LKR ~2.6 billion in FY23)
Total Assets: LKR ~94.2 billion
Equity Base: LKR ~12.5 billion
Strong financial outcomes were driven by performance across the Primary Dealer and Dealing Securities divisions, which capitalized on declining interest rates to generate substantial trading gains in both government securities and equities.
The Path Ahead
The ‘A+’ rating reflects a strong outlook for FCH amid a dynamic macroeconomic environment. Key factors supporting the rating include sustained capital retention, effective risk controls, and limited exposure to related parties. Continued performance of subsidiaries and the financial standing of Janashakthi Limited FCH’s parent entity, will also be important drivers of future ratings.
About First Capital Holdings PLC
Incorporated in 1992 and re-registered under the Companies Act No. 07 of 2007, First Capital Holdings PLC is a diversified, listed financial services group with seven subsidiaries spanning Fixed Income, Equities, Wealth Management, and Capital Markets Advisory. With a legacy of over 30 years, FCH remains committed to enhancing capital market access, transparency, and financial empowerment in Sri Lanka.
Listed on the Colombo Stock Exchange, FCH operates under a strong compliance framework and is recognized for its leadership in the government securities market.
About Lanka Rating Agency Ltd
Lanka Rating Agency Ltd (LRA) is a credit rating agency regulated by the Securities and Exchange Commission of Sri Lanka (SEC) under the SEC Act No. 19 of 2021. LRA provides independent, objective, and transparent credit risk assessments, supporting informed investment and lending decisions across sectors.
With a focus on national financial stability, LRA contributes to building Sri Lanka’s economic resilience by elevating standards of transparency, promoting responsible borrowing, and fostering investor confidence.
Media Contacts
First Capital Holdings PLC
- Mr. Randinith Madanayake
- Head of Brand Development
- 📧 randinith@firstcapital.lk
Lanka Rating Agency Ltd
- 145 Kynsey Road, Colombo 08
- 📞 +94 114 500099
- 🌐 www.lra.com.lk
