Business
Fitch upgrade of Sri Lanka to B-recognises progress in economic stabilisation: Ceylon Chamber
The Ceylon Chamber of Commerce says it is pleased to see the tangible results of the commitment and sustained efforts towards restoring Sri Lanka’s macroeconomic stability, reflected in Fitch Ratings’ decision to upgrade the country’s Long-Term Foreign-Currency Issuer Default Rating from ‘CCC+’ to ‘B-’, with a Stable Outlook.
The upgrade is an important development in Sri Lanka’s economic recovery and provides recognition of the progress made following several years of significant economic challenges. Over the past six years, Sri Lanka has undertaken a difficult process of economic adjustment, including fiscal consolidation, revenue mobilisation, debt restructuring and structural reforms.
The improved rating also reflects greater confidence in Sri Lanka’s macroeconomic stability and resilience. Over the past few years, the country has had to navigate significant external pressures, including impacts of the Hormuz conflict and climate- and environment-related shocks. The ability to maintain stability through these challenges highlights that the recovery has solid foundation.
The priority now must be to preserve this stability and build on it through implementation of reforms related to trade facilitation, digital and labour amongst others that will drive growth and investment. Sri Lanka will need to maintain primary surpluses and sustain revenue mobilisation. At the same time, there is a need to gradually create greater fiscal space through a continued reduction in debt and debt-service ratios. Improving foreign exchange reserves will be important to ensure that the gains in stability are sustained. A targeted approach to poverty reduction should also remain a priority to ensure that the benefits of economic recovery and growth are broadly shared across society.
The improved rating should also be viewed as an opportunity to strategically leverage the progress achieved to attract investment. Greater sovereign credibility can support investor confidence and create a stronger platform for attracting foreign direct investment, expanding productive capacity and accelerating private-sector-led growth.
Ceylinco Life’s Ambalantota branch agent AIP Manjula has been named one of three global finalists for the prestigious Insurance Agent of the Year award at the 11th Asia Trusted Life Agents & Advisers Awards (ATLAA) 2026.
The recognition places a Sri Lankan insurance professional among the finalists in a regional field spanning South Asia, Southeast Asia, East Asia and the wider Asia-Pacific region.
Ceylinco Life said the achievement reflected the calibre and customer-focused approach of its agency force, while recognising Manjula’s professionalism and commitment to policyholders.
The award evaluates insurance agents on criteria extending beyond sales performance, including ethical conduct, client service, policy persistency, digital adoption, innovative practices and contributions to the insurance industry and community.
The awards are organised by Asia Advisers Network and Asia Insurance Review, with LIMRA as co-organiser. An independent judging and balloting process is monitored by KPMG as the official scrutineer. The judging panel comprises senior insurance executives, association presidents and industry experts from across the Asia-Pacific region.
CEAT Kelani Holdings (CKH) has retained its National Long-Term Rating of ‘AA+(lka)’ with a Stable Outlook from Fitch Ratings for the sixth consecutive year, reflecting the company’s financial resilience and leading position in Sri Lanka’s pneumatic tyre market.
The ‘AA+(lka)’ rating, the second-highest on Fitch’s national scale, indicates a very strong capacity to meet financial commitments.
Fitch said CKH’s established market leadership and resilient financial profile remained key strengths, while noting its exposure to price-sensitive, cyclical and highly competitive markets.
The Stable Outlook reflects expectations that the company will maintain its market position despite rising input costs and increasing competition from imported tyres, while preserving adequate credit metrics during periods of weaker earnings and higher investment.
Fitch expects CKH’s established brand, extensive dealer network and adaptive pricing strategies to support its market position. Planned production facility upgrades are also expected to improve product quality, particularly in the radial tyre segment.
The rating agency expects near-term pressure on margins from higher raw material and energy costs but said the company’s low leverage and sound liquidity would provide a cushion.
CKH Chairman Chanaka De Silva said the rating reinforced the company’s focus on disciplined financial management, operational adaptability and long-term investment.
SLT-MOBITEL Enterprise, the enterprise services arm of Sri Lanka Telecom PLC, has launched its Premium Cloud service powered by Nutanix, aimed at helping Sri Lankan businesses modernise their IT infrastructure and accelerate digital transformation.
The service was unveiled at the Lanka Tech Summit 2026 held recently at ITC Ratnadipa, Colombo.
The Premium Cloud combines hybrid multi-cloud capabilities with enterprise-grade performance, enabling businesses to run mission-critical workloads, scale cloud deployments and strengthen business continuity through disaster recovery capabilities.
Hosted on SLT-MOBITEL’s Tier III data centre infrastructure, the platform is designed to provide enhanced security, reliability and flexibility while supporting the growing technology requirements of enterprises.
SLT-MOBITEL Enterprise said the platform would also support organisations seeking to adopt AI-ready capabilities and improve the management and performance of IT workloads.
A key feature of the launch was SLT-MOBITEL Enterprise joining the Nutanix Elevate Service Provider Program (NESPP), which the company said made it the first service provider in the region to join the programme.
Powered by Nutanix’s hybrid multicloud platform, the service enables application and data mobility across on-premises environments, public clouds and edge locations.
The company said the partnership combined Nutanix’s cloud technology with SLT-MOBITEL’s local expertise and support, strengthening its multi-cloud portfolio.
Buttler out of Oval decider as Lawrence earns ODI call-up
Showers will occur in the Western, Eastern, Uva and Sabaragamuwa provinces and in Galle, Matara, Kandy and Nuwara-Eliya districts.
Nor’easter brings flooding as New York and New Jersey declare emergency 2 hours ago
Trump rejects Iran deal to reopen Strait of Hormuz in seven days
Govt plans to hire 121,000 state workers, redistribute tax revenue
Parliament clears 22A amid protests
‘Dates have the highest sugar content to fight Coronavirus’
Sunday Island 27 December – Headlines
#SundayIsland 17th December – Headlines
Sunday Island – 28th March
Sunday Island Headlines – 21 March
Sunday Island – 21st February – Headlines
-
News4 days agoMastermind Naufer Moulavi among 15 found guilty
-
News6 days agoHatton youth protest against reported death sentence for Lankan in Saudi Arabia
-
News5 days agoProtest against setting up of cement factory in highly populated area near BIA
-
News6 days agoMahaweli rises as heavy rain triggers flood, landslide fears
-
Latest News7 days agoLandslide Red Alerts issued to the districts of Kandy, Kegalle and Nuwara Eliya
-
Midweek Review4 days agoThileepan’s fast unto death: An authentic narrative that many missed
-
Editorial4 days agoBig Bad Bills
-
Latest News3 days agoShowers above 100 mm are likely at some places in the Western, Sabaragamuwa, Central and North-western provinces and in Galle and Matara Districts