Aug 20, Colombo: Fitch Ratings has affirmed Sri Lanka's conglomerate John Keells Holdings (JKH) an 'AAA(lka)' National Long-Term rating at a Stable Outlook.
JKH, an investment holding company with ownership of diverse operating assets in transport, leisure, consumer foods manufacturing and retail, financial services, and information technology, listed on the Colombo Stock Exchange in 1986 and has the highest market capitalization.
Strong, diversified dividend income was a Key Rating Driver for Fitch to affirm the rating as the company earns strong recurring dividends from core investments, particularly from its 42%-owned associate South Asia Gateway Terminals (SAGT) which operates one of three container terminals at the Port of Colombo (POC), and from its leisure segment, Fitch said in a release on Monday.
JKH has maintained a strong and liquid balance sheet, which is a key credit-strength, with cash reserves exceeding debt at the holding company, Fitch Ratings said.
The full rating release issued by Fitch can be found here.