HNB Finance gets Fitch rating upgraded to ‘AA-(lka)’

Wednesday, 24 June 2020 00:00 - - {{hitsCtrl.values.hits}}

Leading Sri Lankan Financial Services provider; HNB Finance, recently had its National Long-term Rating upgraded to ‘AA-(lka)’, with a negative outlook following the recalibration of Fitch’s rating scale for Sri Lanka.

HNB Finance MD and CEO Chaminda Prabhath

The recalibration was conducted to reflect changes in the relative creditworthiness among Sri Lankan issuers following Fitch’s downgrade of the sovereign rating, after comprehensive industry analysis. HNB Finance’s revised rating reflects the outlook on the ratings of its parent company, HNB PLC – Sri Lanka’s largest private sector bank.

“The upward revision of HNB Finance’s National Long Term Rating is a reflection of our proven ability to deliver exceptional financial services over the past 19 years. As our country’s economy begins to recover from the disruptions caused by COVID-19 pandemic, we will remain committed to fostering continuous growth and uplifting communities across the island,” HNB Finance Managing Director Chaminda Prabhath stated.

The revision of HNB Finance’s rating follows the company’s shares being listed on the Colombo Stock Exchange under the Diri-Savi Board. The first to be listed in over two years, HNB Finance’s Initial Public Offering (IPO) via an Offer for Sale on the Colombo Stock Exchange, was oversubscribed by a significant 32% on its opening day in February, a figure which indicates a high level of investor confidence.

HNB Finance has been on a continuous trajectory to reinvigorate business operations by streamlining workflow and optimizing efficiency of its team. The company has also successfully introduced an array of new financial products to a highly-researched target market and made a significant impact through rebranding and strategic investments in technology and innovation.

Today, HNB Finance has gained significant market share and has established itself as a trusted and respected Finance company. Hatton National Bank PLC’s financial and business strength and stability places HNB Finance Ltd. at an advantageous position to pursue greater heights.