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* Fitch revises 7, affirms 7 Sri Lankan non-fin corporates’ ratings on National Rating Scale Revision
Wed, Jan 13, 2021, 11:39 pm SL Time, ColomboPage News Desk, Sri Lanka.

Jan 13, Colombo: Fitch Ratings has taken rating action on Sri Lankan non-financial corporates following the recalibration of its Sri Lankan National Rating scale to reflect changes in the relative creditworthiness among the country’s issuers following the downgrade of the sovereign rating to ‘CCC’ from ‘B-’ on 27 November 2020.

Fitch typically does not assign Outlooks or apply modifiers to sovereigns with a rating of ‘CCC’ or below.

The recalibration of our Sri Lankan National Rating scale has resulted in rating affirmations in some cases and the assignment of revision ratings to others. Revision ratings are used to modify ratings for reasons that are not related to credit quality.

A full list of Fitch’s rating actions is at the end of this commentary:

Dialog Axiata PLC- - National Long-Term Rating affirmed at ‘AAA(lka)’; Outlook Stable
Distilleries Company of Sri Lanka PLC (DIST)- National Long-Term Rating affirmed at ‘AAA(lka)’; Outlook Stable
Melstacorp PLC- National Long-Term Rating affirmed at ‘AAA(lka)’; Outlook Stable
Hemas Holdings PLC- National Long-Term Rating affirmed at ‘AAA(lka)’; Outlook Stable
Lion Brewery (Ceylon) PLC- National Long-Term Rating affirmed at ‘AAA(lka)’; Outlook Stable
Lakdhanavi Limited- National Long-Term Rating affirmed at ‘AA+(lka)’; Outlook Stable
Sunshine Holdings PLC- National Long-Term Rating revised to ‘AA+(lka)’ from ‘A(lka)’; Outlook Stable
Abans PLC- National Long-Term Rating revised to ‘AA(lka)’ from ‘BBB+(lka)’; Outlook Stable
Singer (Sri Lanka) PLC- National Long-Term Rating revised to ‘AA(lka)’ from ‘BBB+(lka)’; Outlook Stable
DSI Samson Group (Private) Limited (DSG)- National Long-Term Rating revised to ‘AA(lka)’ from ‘BBB(lka)’; Outlook Stable
Sri Lanka Telecom PLC (SLT)- National Long-Term Rating revised to ‘AA-(lka)’ from ‘AA+(lka)’; Outlook Stable
Ceylon Electricity Board (CEB)- National Long-Term Rating revised to ‘AA-(lka)’ from ‘AA+(lka)’; Outlook Stable
Sierra Cables PLC- National Long-Term Rating revised to ‘AA-(lka)’ from ‘BB(lka)’; Outlook Stable
Kotagala Plantations PLC- National Long-Term Rating affirmed at ‘RD(lka)’

National scale ratings are a risk ranking of issuers in a particular market designed to help local investors differentiate risk. Sri Lanka’s national scale ratings are denoted by the unique identifier ‘(lka)’. Fitch adds this identifier to reflect the unique nature of the Sri Lankan national scale. National scales are not comparable with Fitch’s international ratings scales or with other countries’ national rating scales.

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