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* Fitch downgrades Sri Lanka's John Keells Holdings to 'AA+(lka)'
Wed, Sep 3, 2014, 07:24 pm SL Time, ColomboPage News Desk, Sri Lanka.

Sept 03, Colombo: Fitch Ratings has downgraded John Keells Holdings PLC's (JKH) National Long-Term Rating to 'AA+(lka)' from 'AAA(lka)'. The Outlook is Stable.

The downgrade reflects the deterioration in JKH's business risk profile, driven by the weakening competitive position of its key dividend-paying associate, South Asia Gateway Terminals (SAGT), in which JKH owns 42%.

JKH is a holding company with interests in transportation, leisure, property, consumer foods, retail and financial services, and it depends largely on dividend income to meet its financial obligations.

The JKH's drop in the volume of its transportation sector and the higher business risk in its property sector were the key rating drivers for downgrade. However, the rising tourist arrivals which are likely to boost dividends from the leisure sector, and strong liquidity are positive key factors.

Read the full statement by Fitch Rating here

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