Fitch rating upgrade will see credibility surge among investors – Prof. Vijithapure Wimalarathna Thera

Sri Lanka Economic Association President Prof.Vijithapure Wimalarathna Nayaka Thera pointed out that with the new credit rating upgrade by Fitch Ratings, Sri Lanka has seen a surge in credibility among local and foreign investors, creditors, and economic stakeholders.

He made this statement in response to inquiries regarding the impact of the credit rating improvement on the country’s economic activities and overall development.

According to Prof.Wimalarathna Thera the primary message conveyed by the upgrade is the restoration of confidence in Sri Lanka’s economic activities.This is a positive signal for prospective local and international investors. Furthermore, it provides a favourable certification for international organizations and institutions considering lending or extending aid to Sri Lanka.

Building trust in the country’s economic framework is no easy task, particularly given the nation’s recent history of economic instability. However, the upgraded credit rating plays a significant role in fostering trust across all sectors. It marks a departure from the previous state of economic collapse and highlights a gradual emergence of credibility, he stated.

Globally, credit rating agencies independently assess several factors, including a country’s financial stability, the sustainability of economic operations, and debt repayment capabilities, to determine their ratings. Fitch Ratings, a leading institution in this field, had previously assigned unfavourable ratings to Sri Lanka during past governments due to a lack of confidence in economic performance. This upgrade, following years of economic uncertainty, signals the initiation of a more stable and reliable economic environment in the country.

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