Prime Group upgraded to [SL] A (Stable) credit rating

Prime Lands (Pvt) Ltd and Prime Lands Residencies PLC have received a rating of [SL] A (Stable) making Prime Group the largest real estate company in Sri Lanka to receive this rating from ICRA Lanka.

In its special notification to the Prime Group, ICRA Lanka says, “The Rating Committee of ICRA Lanka Ltd, after due consideration of the latest developments in your company, has revised the Issuer Rating to “[SL]A” (pronounced as S L A) with Stable outlook from [SL] A- (pronounced as S L A minus) with a Stable outlook, assigned to your company”.

In a media release, commenting on the rating, Co- Chairman of Prime Group Brahmanage Premalal, said, “It demonstrates the stability of our group and the commitment we have towards fulfilling our obligations to our customers. It is a strong recognition of the financial and operational stability of our companies, and reflects the strength of the forecasted and delivered financial stature of the companies in the group. This is the best certificate we can offer to our valuable stakeholder to enhance their confidence in us. This has been strengthening over the past 26 years as a group of companies.”

To date, the Prime Group owns probably the largest land bank, representing 18 districts across the country along with multiple apartments and individual housing projects strategically located across the island.