Sri Lanka’s Sunshine, Abans, Singer, DSI local ratings lifted after sovereign downgrade

ECONOMYNEXT – Fitch Ratings said it was lifting the local ratings of several private companies after a recaliberation of the domestic scale after Sri Lanka’s sovereign rating was downgraded to ‘CCC’.

“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,” Fit chsaid.

“Revision ratings are used to modify ratings for reasons that are not related to credit quality.”

Sunshine Holdings local rating has been revised to ‘AA+(lka)’ from ‘A(lka)’. The outlook is Stable

Abans Plc and Singer Sri Lanka Plc ratings have been revised to ‘AA(lka)’ from ‘BBB+(lka). Outlooks are stable.

DSI Samson Group (Private) Limited (DSG) has been revised to ‘AA(lka)’ from ‘BBB(lka)’. The outlook is Stable

Sierra Cables Plc, has been revised to ‘AA-(lka)’ from ‘BB(lka)’. The outlook is Stable

The local ratings state-run Ceylon Electricity Board and Sri Lanka Telecom has been lowered to ‘AA-(lka)’ from ‘AA+(lka)’. The outlook is Stable.

Dialog Axiata, Distilleries Company of Sri Lanka PLC, Melstacorp PLC, Hemas Holdings PLC, Lion Brewery (Ceylon) PLC has been confirmed with a ‘AAA(lka)’ rating. (Colombo/Jan14/2021)

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