Business
Sri Lanka financial institution ratings not affected by sovereign downgrade: Fitch Ratings
Broader economic conditions ‘ remain challenging’ amid expected contraction of economy Near-term ‘downside risks’ to credit profiles from spill-over effects of remainder of DDO ‘Uncertainties’ prevail over the completion of foreign-currency sovereign debt restructuring
Sri Lanka bank ratings are unaffected by the downgrade of Sri Lanka’s Long-Term Local-Currency Issuer Default Rating to ‘RD’ from ‘C’, says Fitch Ratings.On 14 September 2023, Fitch downgraded the sovereign’s Long-Term Local Currency Issuer Default Rating following the completion of an exchange of treasury bonds for longer-dated ones, which forms a part of the broader domestic debt optimisation program. The exchange of treasury bills held by the Central Bank of Sri Lanka (CBSL) has yet to be completed.
“We do not believe the completion of the first phase of the restructuring of the sovereign’s local-currency obligations is likely to trigger a loss of depositor confidence in the banking system, leading to a widespread default within the financial system, including for non-bank financial institutions (NBFIs). Therefore, we expect the banks to continue to service their local-currency obligations, given their better funding and liquidity profiles relative to that of the sovereign”, Fitch says.
Fitch continues to maintain the Rating Watch Negative (RWN) on Sri Lanka banks and NBFI’s ratings to reflect the potential for deterioration in their creditworthiness relative to other entities on the Sri Lankan national ratings scale.
This reflects near-term downside risks to credit profiles from spill-over effects from the remainder of the sovereign’s debt restructuring, while access to wholesale foreign-currency funding remains constrained. Further clarity around the sovereign debt restructuring process, particularly on the foreign-currency debt, that points to a reduction in stresses that have affected the banking sector in the past several quarters, would result in a resolution of the RWN with affirmation of the bank ratings.
While the local banks have been spared from the rupee debt restructuring, we believe that the broader economic conditions remain challenging as reflected in the expected contraction of the economy and high volatility of economic variables. This may still place downward pressure on individual credit profiles, particularly for NBFIs, which tend to be more exposed to cyclically sensitive segments. We believe that the re-assessment of the sovereign credit profile following the completion of the debt exchange with CBSL will influence the ratings of the banks and NBFIs, given the high interconnectedness.
While the domestic debt optimisation programme is nearing completion, uncertainties prevail over the completion of the foreign-currency sovereign debt restructuring. Any doubts over this could weigh on the banking sector with spillover effects to the NBFIs, given the banks’ exposure to defaulted foreign currency sovereign bonds, albeit they make up a small share of sector assets (3.6% of assets at end-1H23).
Business
Ceylinco Life celebrates its ‘Unstoppable Champions’ at Annual Awards 2026
The power of momentum was the focus when Ceylinco Life, Sri Lanka’s life insurance market leader for an unbroken 22 years, celebrated the exceptional achievements of its top-performing sales force at its Annual Awards Ceremony 2026, held at Cinnamon Life Colombo.
Bringing together more than 300 of the company’s highest achievers, the event recognised Sales Officers who attained High Flyers status, qualified for the prestigious Million Dollar Round Table (MDRT), or earned ‘Sales Superstar’ status in 2025, each having met rigorous performance benchmarks. In total, close to 370 awards were presented at the ceremony, which was attended by over 450 participants including the company’s Board of Directors and senior management.
Themed ‘Unstoppable Champions,’ the awards ceremony underscored the spirit of resilience, ambition and consistent excellence that defines Ceylinco Life’s sales force, positioning the awardees as drivers of the company’s sustained market leadership.
The event was graced by Chief Guest Srinivasa Rao, Managing Director – Life and Health (South Asia and South East Asia) at Munich Re, and featured an evening of scintillating entertainment with performances by Sanka Dineth, Shashika Nisansala, the Naadro Band and Prashanthini, complemented by dance acts from Muddrika Dance Studio.
Among the highlights of the evening was the presentation of two Toyota Axio motor cars to R. P. Edirisinghe and S. S. H. M. T. Laksiri in recognition of their consistent excellence in qualifying as High Flyers and MDRT members. The top honours at the awards ceremony were presented to Mr A. S. L. Fernando as Best Agency Head, H. D. Pathirana as Best Agency Supervisor, A. I. P. Manjula as Best Life Insurance Advisor, and J. Meera as Best Regional Sales Manager.
Business
Kia drives into Colombo’s skyline with landmark showroom at Altair
Top Korean nameplate Kia has reinforced its presence in Sri Lanka with the opening of a striking new showroom at the iconic Altair high-rise in Colombo, marking a significant step in the brand’s continued expansion and customer engagement in the country.
The new facility, unveiled exclusively to media on 7th April 2026, occupies approximately 2,700 square feet of prime space at Retail 3 of the Altair development.
Strategically positioned at the entrance to the complex for maximum visibility and accessibility, the showroom places Kia at the heart of one of Colombo’s most prominent luxury residential and lifestyle destinations.
Designed in line with Kia’s global brand guidelines, the showroom presents a modern, customer-centric environment that reflects the company’s focus on innovation, quality and service excellence. The space is intended to offer an immersive retail experience, enabling customers to explore the brand’s evolving portfolio in a setting that mirrors international standards.
“The opening of this new showroom signals Kia’s renewed commitment to Colombo, strengthening its proximity to customers while enhancing convenience and accessibility for those seeking to engage with the brand,” Kia Motors Lanka Chairman Mahen Thambiah said. “It represents a key milestone in our strategy to deepen customer relationships and expand the Kia footprint across key urban locations.”
Taking centre stage at the new showroom is the all-new Kia Tasman, the brand’s first-ever double cab pickup, which makes its debut in Sri Lanka in tandem with the opening. The introduction of the Tasman underscores Kia’s drive to diversify its offering and respond to the evolving demands of customers across multiple segments.
In addition to the Tasman, visitors to the Altair showroom can experience Kia’s full range of vehicles, further enhancing the brand’s appeal to a broad spectrum of automotive enthusiasts.
Business
Nalin Sri Tikiri Bandara: forging discipline and character through martial arts
After nearly three decades on the mat, Sri Lankan martial arts instructor H. M. Nalin Sri Tikiri Bandara has built a career that stretches from local dojos in Kandy to international training arenas in the United Arab Emirates, shaping a growing generation of students through what he describes as “a lifelong journey of discipline and self-development.”
With more than 28 years of experience, Bandara has emerged as a prominent figure in martial arts education for children, youth and adults, particularly across Sri Lanka and the UAE, where he is currently based in Abu Dhabi.
Bandara’s martial arts journey began at a young age and has since spanned multiple disciplines, including Kyokushin Karate, Ashihara Karate, Mumonkai Karate, Brazilian Jiu-Jitsu and yoga.
He holds several international dan rankings, including 3rd Dan in Kyokushin Karate (Japan), 4th Dan in Ashihara Karate (Australia), 2nd Dan in Mumonkai Karate (Japan), and 1st Dan under Josui Kai Kan Karate (Japan). Years of training camps, seminars and competitions abroad, he says, have helped refine both technical skill and teaching philosophy.
Bandara is the founder and chief instructor of Nalin Dojo, which operates across multiple locations, including a main branch in Abu Dhabi and an established centre in Kandy. He also runs expansion programmes in schools and fitness centres in the UAE.


Collectively, his programmes have trained more than 2,000 students, ranging from children as young as four to adults.
He also serves as branch chief and representative of the World Karate Alliance Kyokushin Bugakukai, and contributes to the development of full-contact karate at national level in Sri Lanka.
At the core of his teaching is a hybrid approach he calls “Yoga Martial Arts”, blending karate discipline, yoga-based mental conditioning, Brazilian Jiu-Jitsu principles and sports science.
The focus, he says, extends beyond physical combat to character formation, emphasising discipline, respect, confidence-building and mental resilience.
“Martial arts is not just about fighting, it is about building better human beings,” Bandara said.
Much of his work is directed at children and adolescents, particularly in an era he describes as increasingly dominated by digital distractions.
He argues that structured martial arts training can reduce screen dependency, improve concentration, and strengthen emotional stability, while promoting healthier lifestyles.
“Children’s future is the future of the community,” he said, underscoring his belief that early discipline shapes long-term social outcomes.
Beyond regular training, Bandara organises grading examinations, workshops, school programmes and community fitness initiatives in both Sri Lanka and the UAE.
He has continued such activities even during periods of global disruption, maintaining regular engagement with students and instructors.
Looking ahead, Bandara plans to expand his dojo network across the UAE and internationally, while developing structured youth development programmes and training future instructors.
His long-term ambition is to build a sustainable martial arts ecosystem that integrates physical excellence with character education.
In a career defined by discipline and continuity, Bandara represents a generation of martial arts instructors blending traditional combat systems with modern wellness principles — and, in the process, attempting to shape not just fighters, but future citizens.
by SK Samaranayake
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