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* Fitch Affirms Sri Lanka's Sunshine Holdings at 'A-(lka)'; Outlook Stable
Fri, Nov 16, 2018, 09:18 am SL Time, ColomboPage News Desk, Sri Lanka.

Nov 16, Colombo: Fitch Ratings has affirmed Sri Lanka-based Sunshine Holdings PLC's National Long-Term Rating at 'A-(lka)'. The Outlook is Stable.

The rating on Sunshine reflects its strong market positions in its diversified portfolio of products, which has elements of relatively defensive end-market demand, and the strong brand names associated with most of its offerings. These strengths are counterbalanced by the heightening regulatory risk faced by the pharmaceutical import and distribution business and the exposure to commodity price volatility in its palm oil and tea plantation businesses.

The rating also takes into account Fitch's expectations that Sunshine's net leverage - defined as lease-adjusted net debt/operating EBITDAR including proportionate consolidation of Estate Management Services (Private) Limited (EMSPL), the holding company for the agriculture and consumer goods segments - is likely to remain below 3.0x over the medium term. The financial profile has improved following a recent equity infusion and net leverage has fallen, , but over the medium term, free cash generation should improve as capex requirements have moderated.

Full Fitch Ratings Report

 

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