Cargills Bank rated AA- (lka) with a Stable outlook by Fitch Ratings

Mr. Senarath Bandara-CEO/MD

Fitch Ratings Sri Lanka has recently revised Cargills Bank’s National Long-Term Rating to AA-(lka) with a Stable outlook, from A+(lka) with a Stable outlook.

The Rating revision is following the recalibration of the agency's Sri Lankan national rating scale following Fitch's downgrade of the sovereign rating on 27 November 2020. The revision of the National Rating of Cargills Bank stems from the change in rating of its parent CT Holdings due to the recalibration of the national rating scale. This revision now places Cargills Bank on the same level as Sri Lanka’s leading and well-established banks, Cargills said in a media release.

Discussing the bank’s Fitch rating, Senarath Bandara – Managing Director/CEO of Cargills Bank said, “At just 6 years old, we are a young bank. But by banking on the human spirit, we have made great strides in our short history. Through our hard work and honest, straightforward business style, we have garnered the respect of the public and built confidence amongst all business sectors. Our main priority is to support the primary sectors of the Sri Lankan economy, with a strong focus on the agricultural sector and SMEs. This ties into our overall goal of becoming the most inclusive bank in Sri Lanka, while leveraging the support and resources available to us through the Cargills Group ecosystem. Achieving success and ensuring the best services possible has been exceedingly challenging in the post-COVID environment. Thus, we are proud that with the support of our parent Cargills Group, we have received a rating of AA-(lka) with a Stable outlook from such a well-respected entity as Fitch Ratings Sri Lanka. We will continue to work to become the best and most inclusive bank in Sri Lanka.”