Lanka Rating Agency upgrades First Capital Holdings to ‘A+’

From left: First Capital Holdings Chief Research and Strategy Officer Dimantha Mathew, First Capital Equities CEO Jaliya Wijeratne, First Capital Holdings Chief Risk Officer Kapila Perera, First Capital Asset Management CEO Kavin Karunamoorthy, First Capital Treasuries Director/CEO Sachith Perera, First Capital Holdings Chief Financial Officer Mangala Jayashantha, First Capital Holdings Chief Operating Officer Tharusha Ekanayake, Lanka Rating Agency CEO Dr. Kenneth De Zilwa, Lanka Rating Agency Financial Analyst Imran Iqbal, Lanka Rating Agency Head of Ratings Gayani Ariyawansa and Lanka Rating Agency Financial Analyst Ruwanthi Sylva 

• A testament to market strength, strategic leadership and national financial progress

First Capital Holdings PLC, a subsidiary of JXG (Janashakthi Group) and a pioneering full-service investment institution and Lanka Rating Agency Ltd, an independent credit rating authority of Sri Lanka, announced the upgrade of the company’s long-term credit rating to ‘A+’, from ‘A’, with a Stable Outlook.

This upgrade reflects First Capital’s sustained profitability, sound capital structure, robust governance and strategic leadership in Sri Lanka’s evolving capital market landscape.

The rating upgrade follows an in-depth review of First Capital’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 the company’s strength 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.

As a primary dealer licensed by the Central Bank of Sri Lanka, First Capital Treasuries PLC (a subsidiary of First Capital Holdings PLC) has long served as a pillar in Sri Lanka’s fixed income securities market. The company has significantly contributed to deepening liquidity, enhancing price discovery mechanisms and supporting institutional and retail access to government securities. 

First Capital Holdings Managing Director/CEO Dilshan Wirasekara stated, “The upgrade to ‘A+’ is a milestone that reflects our sustained focus on delivering stability, innovation and long-term value for our clients and stakeholders.”

Lanka Rating Agency Chief Executive Officer Dr. Kenneth De Zilwa commented, “First Capital Holdings’ upgraded rating is the result of their prudent financial stewardship, strategic foresight and consistent operational strength.”