Sri Lanka CIC Holdings rated A/P2

Feb 08, 2012 (LBO) – RAM Ratings Lanka has assigned long- and short-term corporate credit ratings of A and P2 to CIC Holdings (CIC) with a stable outlook on the long-term rating. The group™s ratings are supported by the dominant market positions in its key business areas as well as resilient demand for agriculture related products, a statement said.

The ratings are, however, pressured by the competitive nature of the industry the group operates in, as well as its exposure to vagaries of the agriculture segment, it said.

The full rating report follows:

RAM Ratings Lanka has assigned respective long- and short-term corporate credit ratings of A and P2 to CIC Holdings PLC (CIC or the Group); the outlook on the long-term rating is stable. The Group™s ratings are supported by the dominant market positions in its key business areas as well as resilient demand for agriculture related products. The ratings also reflect CIC™s adequate gearing and debt protection metrics and the Group™s diversified business profile. The ratings are however, pressured by the competitive industry landscape the Group operates in, as well as its exposure to vagaries of the agr