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Fitch Affirms Melstacorp and Subsidiary Distilleries at ‘AAA(lka)’; Outlook Stable

Fitch Ratings has affirmed the National Long- Term Ratings of Sri Lanka-based conglomerate Melstacorp PLC and its subsidiary, Distilleries Company of Sri Lanka PLC (DIST), at 'AAA(lka)'. The Outlook is Stable.

Fitch equalises the rating of DIST, which has a stronger credit profile than its parent Melstacorp, to the consolidated profile of its parent, based on our Parent and Subsidiary Linkage Rating Criteria.

The affirmation and the stable outlook reflect our view that Melstacorp will maintain a strong credit profile in the next 12-18 months, despite weak demand conditions for its core spirits business, which accounts for 70% of the group's EBITDA.

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"We expect the group to be conservative in its investments, preserving most of the large free cash flow (FCF) to pay down debt and strengthen its credit profile amid current economic weakness," the rating agency said.

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"We include Melstacorp's 51% share of its subsidiary Aitken Spence PLC (ASP), but exclude its insurance business Continental Insurance Lanka Limited (National Insurer Financial Strength: A-(lka)/Stable), in assessing Melstacorp's credit profile.

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