Prime Group upgrades to [SL] A (Stable) credit rating from ICRA

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Prime Lands (Pvt) Ltd., and Prime Lands Residencies PLC have received a further strengthen issuer 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 Prime Group,ICRA Lanka says, “The Rating Committee of ICRA Lanka Limited, 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. Entities with this rating are considered to have (an) adequate degree of safety regarding (the) timely servicing of financial obligations. Such entities carry low credit risk. The rating is only an opinion on the general creditworthiness of the rated entity and not specific to any particular debt instrument.”

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.”

Brand Finance crowned Prime Lands Residencies as the Most Valuable Real-estate brand in LMD’s latest brand annual. Prime Group was also awarded as the most respected entity in Real Estate for two consecutive years, Most Respected Real Estate for four years;Property Guru Asia Property Awards also recognised Prime Group as Sri Lanka’s best developer for two consecutive years. Achieving the Great Place to Work for six years reflects our human capital strength as a diversified group.

To date, 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.