Sri Lanka Hayleys knitting mill no longer rated: Fitch

Feb 28, 2012 (LBO) - Fitch Ratings said it was withdrawing Hayleys MGT Knitting Mills Plc's 'BBB(lka)' rating soon after it stopped ratings its parent, Hayleys Plc. "Fitch Ratings Lanka has withdrawn Hayleys MGT Knitting Mills PLC's (HMGT) 'BBB(lka)' National Long-Term rating with a Negative Outlook," Fitch said in a statement.

"On the basis of publicly available information as at 27 February 2012, Fitch notes that HMGT's credit profile has weakened to a level that is more commensurate with a strong 'BB(lka)' category rating, after taking into account existing support from its key shareholder, Hayleys PLC ('A+(lka)'/Negative; also withdrawn on 27 February 2012."