Fitch Ratings has upgraded the National Long-Term Ratings of seven Sri Lankan non-financial corporates and revised the ratings of two following the recalibration of the agency's Sri Lankan National Rating scale to reflect changes in the relative creditworthiness among the country's issuers. This follows the upgrade of the sovereign's Long-Term Local-Currency Issuer Default Rating (IDR) to 'CCC+' from 'CCC-' on 20 December 2024. Fitch has also affirmed the National Long-Term Ratings of 13 non-financial corporates.
For details, see Fitch Ratings Recalibrates Sri Lanka's National Rating Scale, published 16 January 2025. 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.
Abans PLC
- National Long-Term Rating upgraded to 'AA(lka)' from 'AA-(lka)'; Outlook Stable
Singer (Sri Lanka) PLC
- National Long-Term Rating upgraded to 'AA-(lka)' from 'A(lka)'; Outlook Stable
Sri Lanka Telecom PLC
- National Long-Term Rating upgraded to 'AA-(lka)' from 'A(lka)'; Rating Watch Positive maintained
Lakdhanavi Limited
- National Long-Term Rating upgraded to 'AA-(lka)' from 'A(lka)'; Outlook Stable
Windforce PLC
- National Long-Term Rating upgraded to 'A+(lka)' from 'BBB+(lka)'; Outlook Stable
Ceylon Electricity Board
- National Long-Term Rating upgraded to 'A(lka)' from 'BB+(lka)'; Outlook Stable
Resus Energy PLC
- National Long-Term Rating upgraded to 'A-(lka)' from 'BBB(lka)'; Outlook Stable
Bogawantalawa Tea Estates PLC
- National Long-Term Rating revised to 'BBB+(lka)' from 'A(lka)'; Outlook Stable
Oxford College of Business (Private) Limited
- National Long-Term Rating revised to 'BB-(lka)' from 'BBB+(lka)'; Outlook Negative
Dialog Axiata PLC
- National Long-Term Rating affirmed at 'AAA(lka)'; Outlook Stable
Hayleys 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
Melstacorp PLC
- National Long-Term Rating affirmed at 'AAA(lka)'; Outlook Stable
Distilleries Company of Sri Lanka PLC
- National Long-Term Rating affirmed at 'AAA(lka)'; Outlook Stable
CIC Holdings PLC
- National Long-Term Rating affirmed at 'AA+(lka)'; Outlook Stable
Ceat Kelani Holdings Pvt Limited
- National Long-Term Rating affirmed at 'AA+(lka)'; Outlook Stable
Sunshine Holdings PLC
- National Long-Term Rating affirmed at 'AA+(lka)'; Outlook Stable
JAT Holdings PLC
- National Long-Term Rating affirmed at 'AA(lka)'; Outlook Stable
DSI Samson Group (Private) Limited
-National Long-Term Rating affirmed at 'AA(lka)'; Outlook Stable
Vidullanka PLC
- National Long-Term Rating affirmed at 'A+(lka)'; Outlook Stable
Sierra Cables PLC
- National Long-Term Rating affirmed at 'A+(lka)'; Outlook Stable
Key Rating Drivers
Sri Lanka Telecom PLC (SLT)
The upgrade of SLT's National Long-Term Rating to 'AA-(lka)' from 'A(lka)' follows the upgrade of its parent, the Sri Lankan sovereign. SLT's Standalone Credit Profile (SCP) is stronger than that of the state, reflecting the company's market leadership in fixed telephone and broadband services, second-largest share in mobile, ownership of an extensive optical fibre network and a strong financial profile. However the sovereign's weak credit profile is a drag on SLT's rating under Fitch's Parent and Subsidiary Linkage (PSL) Rating Criteria.
The Rating Watch Positive (RWP) on SLT continues to reflect the potential rating upside from the removal of linkages with the Sri Lankan government, as the state is in the process of selling its 50.2% stake in the company. We believe state ownership will no longer be a drag on SLT's rating following the sale. Fitch will resolve the RWP when the proposed disposal becomes practically unconditional, which may take longer than six months.
For further information on SLT's key rating drivers, please refer to Fitch Maintains Sri Lanka Telecom's 'A(lka)' National Rating on Watch Positive
Ceylon Electricity Board (CEB)
The upgrade of CEB's National Long-Term Rating to 'A(lka)' from 'BB+(lka)' with a Stable Outlook follows the upgrade of the Sri Lankan sovereign's Local-Currency IDR. CEB's ratings are equalised with the Sri Lankan sovereign's under Fitch's Government-Related Entities (GRE) Rating Criteria. This is based on our assessment that there is a very high likelihood that CEB, as the country's monopoly electricity transmitter and distributor with a high share of generation, would continue to receive government support.
For further information on CEB's key rating drivers, please refer to Fitch Affirms Ceylon Electricity Board at BB+(lka); Outlook Stable
Lakdhanavi Limited
The upgrade of Lakdhanavi's National Long-Term Rating to 'AA-(lka)' from 'A(lka)' with a Stable Outlook reflects the improvement in CEB's credit profile, as it is a key counterparty. Fitch rates Lakdhanavi on the consolidated profile of its parent, LTL Holdings Limited (LTLH), based on our PSL rating criteria. The rating is constrained at the current level by LTLH's large counterparty exposure to CEB, which we believe will continue driving the majority of LTLH's gross profit in the next few years. We expect payment delays from CEB to power generators like LTLH to gradually ease, but remain subject to ongoing state support and a sustained adherence to a cost-reflective tariff policy in the medium term.
For further information on Lakdhanavi's key rating drivers, please refer to Fitch Affirms Lakdhanavi at 'A(lka)'; Outlook Stable
Windforce PLC
The upgrade of Windforce's National Long-Term Rating to 'A+(lka)' from 'BBB+(lka)' with a Stable Outlook reflects the improvement in CEB's credit profile, as it is a key off-taker. Windforce's rating is weighed down by the weak credit profile of CEB, the sole electricity transmitter and distributor in Sri Lanka, despite CEB's improved financial performance.
CEB's rating is ultimately contingent upon support from the Sri Lankan sovereign, which has a weak credit profile. Fitch believes medium-term risks from weaker collection of CEB's dues remain, which is subject to the consistent implementation of CEB's cost-reflective tariff mechanism.
For further information on Windforce's key rating drivers, please refer to Fitch Publishes Sri Lanka's WindForce's 'BBB+(lka)' National Rating; Outlook Stable
Resus Energy PLC
The upgrade of Resus Energy's National Long-Term Rating to 'A-(lka)' from 'BBB(lka)' with a Stable Outlook reflects the improvement in CEB's credit profile, as CEB is the company's sole off-taker. Resus' rating also captures its small operating scale and tight liquidity. The company has embarked on a number of initiatives to diversify its revenue away from CEB, which is likely to generate cash flow in the next few years, although Fitch expects Resus' exposure to CEB to remain a key rating driver over the medium term.
For more information on Resus Energy's key rating drivers, please refer to Fitch Revises Outlook on Resus Energy PLC to Stable; Affirms at 'BBB(lka)'
Abans PLC
The upgrade of Abans' National Long-Term Rating to 'AA(lka)' from 'AA-(lka)' with a Stable Outlook reflects the improvement in the company's medium-term prospects following a sustained improvement in the health of Sri Lanka's external sector, reflected in the sovereign rating upgrade. The medium-term risks that Sri Lanka will re-impose import curbs on consumer products has been materially reduced, in our view.
Abans' cash flow is highly dependent on imported consumer goods for resale locally, despite efforts to enhance its local manufacturing capability. The rating also factors in the company's improving financial profile.
For more information on Abans' key rating drivers, please refer to Fitch Affirms Abans at 'AA-(lka)'/Stable; Rates Proposed Debentures 'AA-(lka)'
Singer (Sri Lanka) PLC
The upgrade of Singer's National Long-Term Rating to 'AA-(lka)' from 'A(lka)' with a Stable Outlook reflects the improvement in the company's medium-term prospects following the sustained improvement in Sri Lanka's external sector's health, reflected in the sovereign rating upgrade. The medium-term risks that Sri Lanka will re-impose import curbs on consumer products has been materially reduced, in our view.
Singer's cash flow is highly dependent on imported consumer goods for resale locally, despite efforts to enhance its local manufacturing capability. The rating also factors in Singer's high leverage, mostly due to the debt and deposits of its licensed finance company subsidiary, Singer Finance (Lanka) PLC), which we believe Singer will support if required given the subsidiary's strategic importance.
The upgrade of Singer's rating also factors in the company's strong revenue growth in the first half of the financial year ending March 2025 (1HFY25) and improving cash flow, which we expect will be sustained in the next 12-18 months amid a recovery in consumer spending. Fitch forecasts Singer's EBITDAR fixed-charge cover to improve to around 2.0x in FY25 (FY24: 0.9x) as a result, while EBITDAR net leverage will fall to around 8.0x from 12.5x.
Singer's rating is not notched for support from its stronger parent, Hayleys PLC, as we believe Hayleys has limited incentive to provide support, according to our PSL criteria. This is driven by our assessment of 'Low' legal, operational, and strategic incentives for Hayleys to support Singer, based on our criteria.
For the key rating drivers, key assumptions, financial statement adjustments and liquidity and debt structure analysis for all other issuers, please refer to the previous rating action commentaries via the following links:
Dialog Axiata PLC
Hayleys PLC
Hemas Holdings PLC
Lion Brewery PLC
Melstacorp PLC / Distilleries Company of Sri Lanka
CIC Holdings PLC
Ceat Kelani Holdings Pvt Limited
Sunshine Holdings PLC
JAT Holdings PLC
DSI Samson Group (Private) Limited
Vidullanka PLC
Sierra Cables PLC
Derivation Summary
Dialog, Melstacorp, Distilleries, Hayleys, Hemas and Lion are rated 'AAA(lka)' to reflect a combination of stable operating cash flow from defensive end-products or markets, strong market positions in core businesses, large operating scale, or diversification across business segments. The ratings are further supported by strong financial profiles, solid liquidity and robust domestic funding access.
CIC, Sunshine and Ceat Kelani are rated 'AA+(lka)', factoring in a combination of cash flow diversification, sizeable operating scale, and meaningful domestic market positions, although these attributes are more modest than for higher-rated peers. All three issuers benefit from strong financial profiles and solid funding access. Ceat Kelani's operating scale is smaller than that of these peers, but this is counterbalanced by its stronger financial profile. CIC's rating is constrained by the limited transparency of its parent's credit profile.
DSI's 'AA(lka)' rating reflects defensive demand for domestic footwear and diversification of cash flow from rubber tyre exports, mitigated by high competition in these segments. Abans' 'AA(lka)' rating benefits from its duopoly status in domestic consumer electronics retail, leading to a stronger market position in its core business, although balanced by more cyclical demand for its products than for DSI. Both companies have meaningful operating scale and strong funding access to domestic banks. JAT Holdings' scale is meaningfully smaller than these peers', but counterbalanced by its leading position in the niche wood coating market, long track record with its overseas supplier, and strong financial profile.
Singer's 'AA-(lka)' rating reflects its leading market position in domestic consumer electronics retail as part of the virtual duopoly with Abans. The one-notch lower rating for Singer versus Abans reflects the drag on Singer's rating due to the weaker credit profile of its large licensed finance company, which we believe Singer will support if needed given the subsidiary's strategic importance.
Lakdhanavi's 'AA-(lka)' rating is one-notch higher than that of power generation peers Windforce and Vidullanka due to its much larger operating scale and geographic and business diversification. Lakdhanavi's rating is weighed down by the credit risk of its key counterparty, CEB. The company provides critical services to Sri Lanka's power sector and therefore we believe CEB may prioritise payments to Lakdhanavi during periods of stress, supporting the company's higher rating than CEB.
Windforce and Vidullanka are rated 'A+(lka)' to reflect their contractual revenue visibility via power purchase agreements with state-owned utilities. Windforce has larger operating capacity than Vidullanka and more diversified generation resources. Vidullanka's exposure to a GRE counterparty owned by a stronger sovereign parent in Uganda (B/Stable) counterbalances its smaller scale and concentration in hydropower generation. Most of Vidullanka's cash flow stems from overseas, while most of its debt is onshore with Sri Lankan banks, exposing the company to potential repatriation risks. However, Vidullanka's track record of overseas receipts has been steady.
Sierra Cables has smaller operating scale than Windforce and Vidullanka, and is exposed to the construction sector, which is more cyclical than demand for power generation. This is counterbalanced by Fitch's expectation of improving prospects in the domestic construction industry over the medium term, and Sierra's prominent market position as a domestic manufacturer of steel cables.
Resus Energy's 'A-(lka)' rating, which is two notches lower than that of the rated domestic power generation companies, reflects its smaller operating capacity and tight liquidity. These risks are counterbalanced by contractual revenue visibility with CEB, and the counterparty's improving credit profile.
SLT's rating is constrained at 'AA-(lka)' in line with Fitch's GRE rating criteria because the Sri Lankan government directly and indirectly has a controlling stake in the company and exercises significant influence over its operations.
CEB's 'A(lka)' rating reflects the credit risk of its parent, the Sri Lankan sovereign, in line with Fitch's GRE criteria. This is based on our assessment of a very strong likelihood of support from the state. CEB is the country's monopoly electricity transmitter and distributor, and also accounts for around 75% of the country's power generation.
Bogawantalawa Tea Estates' 'BBB+(lka)' rating is driven by the long-term structural decline at Sri Lankan tea plantations amid regulatory overhang on costs, which is driving weak profitability and weighing on the industry's appetite for replanting. These risks are counterbalanced by the company's healthy financial profile with cash and equivalents exceeding interest-bearing debt, which should act as a buffer against medium-term challenges.
Oxford College's rating reflects its small scale and tight liquidity compared with higher-rated peers. Fitch expects its cash and cash equivalents to be depleted by end-FY25 and trade payables may be deferred. This is because free cash flow will otherwise be insufficient to meet large debt maturities in the next 12-18 months due to limited financing access. The Negative Outlook reflects increased business risk, as we believe the deferral of trade payables could affect its relationships with key overseas suppliers.
RATING SENSITIVITIES
Dialog Axiata
Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade
- We do not envisage any negative rating action in the medium term, given the standalone strength of the business profile, low financial leverage and implied support from the stronger parent.
Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade
- There is no scope for an upgrade, as Dialog is rated at the highest end of our Sri Lankan National Rating scale.
Hayleys
Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade
- Group EBITDAR net leverage increasing above 4.0x on a sustained basis;
- Group EBITDAR fixed-charge coverage falling below 2.0x on a sustained basis.
Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade
- There is no scope for an upgrade, as the company is already at the highest rating on the Sri Lankan National Rating scale.
Hemas Holdings
Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade
- Group EBITDA net leverage rising above 4.5x on a sustained basis;
- Group EBITDA interest cover falling below 2.3x on a sustained basis.
Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade
- There is no scope for an upgrade, as the company is already at the highest rating on the Sri Lankan National Rating scale.
Lion Brewery
Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade
- An increase in Lion's leverage, measured as EBITDA net leverage, to over 5.0x for a sustained period;
- A decrease in EBITDA interest coverage to less than 2.0x for a sustained period;
- Stronger links with weaker parent Carson Cumberbatch under Fitch's PSL criteria or weakening of the parent's consolidated credit profile.
Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade
- There is no scope for an upgrade, as Lion is already at the highest rating on our Sri Lankan National Rating scale.
Melstacorpand Distilleries
Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade
- Consolidated EBITDAR net leverage (including 51% consolidation of Aitken Spence but excluding Continental Insurance Lanka Limited) rising to over 5.5x for a sustained period;
- Group operating EBITDAR fixed-charge coverage (including 51% consolidation of Aitken Spence but excluding Continental Insurance Lanka) falling below 1.8x for a sustained period;
- Weakening in the group's business risk profile, as reflected in a significantly lower EBITDA contribution from the beverage segment, due to large investments in riskier businesses without a commensurate improvement in leverage, or due to a weaker competitive position in spirits.
Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade
- There is no scope for an upgrade, as the company is already at the highest rating on Sri Lanka's national rating scale
CIC Holdings
Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade
- EBITDA net leverage increasing above 4.0x for a sustained period;
- EBITDA interest coverage falling below 2.3x for a sustained period;
- Further related-party transactions, including with parent Paint and General Industries (Pvt) Ltd (PGIL).
Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade
- Fitch may reassess CIC's rating should there be improved transparency on parent PGIL's credit profile.
CeatKelani
Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade
- An increase in EBITDA net leverage above 1.0x for a sustained period.
Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade
- No upgrade in the medium term, given the exposure to more volatile cash flow and small scale compared with higher-rated peers.
Sunshine Holdings
Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade
- An increase in EBITDA net leverage (including proportionate consolidation of Sunshine Wilmar Private Limited) to more than 4.0x over a sustained period;
- EBITDA interest coverage of gross interest (including proportionate consolidation of Sunshine Wilmar Private Limited) falling below 2.3x over a sustained period.
Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade
- Increased scale of operations, while maintaining a healthy financial profile.
JAT Holdings
Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade
- EBITDA interest coverage falling below 2.0x on a sustained basis;
- EBITDA net leverage rising above 4.0x on a sustained basis;
- A significant weakening in the company's liquidity profile.
Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade
- We do not anticipate an upgrade in the medium term. The rating may be upgraded in the longer term if there is a material increase in scale while maintaining the current financial risk profile.
DSI Samson Group
Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade
- EBITDAR fixed-charge coverage declining below 1.3x on a sustained basis;
- An increase in EBITDAR net leverage, to above 5.5x on a sustained basis;
- Significant weakening in the company's liquidity profile.
Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade
- No likelihood of an upgrade in the medium term, given the exposure to more volatile cash flow than higher-rated peers.
Abans
Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade
- EBITDAR net leverage, including consolidation of the Colombo City Centre project, exceeding 5.5x for a sustained period;
- EBITDAR fixed-charge coverage, including full consolidation of the Colombo City Centre project, below 1.3x for a sustained period;
- A significant weakening in the company's liquidity position.
Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade
- An upgrade is unlikely as the rating is constrained by limited scale and leverage versus higher-rated peers.
Singer
Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade
- EBITDAR fixed-charge coverage less than 1.5x on a sustained basis.
Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade
- EBITDAR net leverage sustained below 5.5x, reflecting lower risk from its licensed finance company subsidiary or an improvement in Singer's corporate leverage to compensate for the finance company's risks.
SLT
Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade
- We do not expect negative rating action as the rating is on RWP. However, Fitch will remove the RWP and affirm the National Long-Term Rating at 'AA-(lka)' with a Stable Outlook if the proposed disposal does not proceed and the linkages with the state remain intact.
Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade
- Fitch will resolve the RWP when the proposed disposal becomes practically unconditional, which may take more than six months, and once Fitch has sufficient information on the new majority shareholder's credit profile and linkages with SLT and the proposed funding structure;
- An upgrade of the Sri Lankan sovereign's Long-Term Local-Currency IDR could result in an upgrade of SLT's National Long-Term Rating if the linkages with the state remain intact.
CEB
Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade
- A downgrade of the Sri Lankan sovereign's Long-Term Local-Currency IDR could result in corresponding action on CEB's National Long-Term Rating.
Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade
- An upgrade of the Sri Lankan sovereign's Long-Term Local-Currency IDR could result in corresponding action on CEB's National Long-Term Rating.
Lakdhanavi
Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade
- LTLH's EBITDA net leverage rising above 7.5x on a sustained basis;
- LTLH's EBITDA interest coverage falling below 1.5x on a sustained basis.
Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade
- A sustained and substantial improvement in counterparty risk as reflected in a continued improvement in CEB's credit profile, while maintaining LTLH's EBITDA net leverage below 6.5x on a sustained basis.
Vidullanka
Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade
- EBITDA net leverage sustained above 4.0x
- EBITDA interest coverage sustained below 1.8x
- Material increase in counterparty risk or risk of repatriating cash flow from overseas
Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade
Significant increase in operating scale and meaningful diversification of power plants
Sierra Cables
Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade
- EBITDA net leverage over 4.0x for a sustained period;
- EBITDA interest coverage falling below 1.5x on a sustained basis.
Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade
- We do not expect an upgrade in the medium term given Sierra's modest market position and business scale compared with higher-rated peers.
Windforce
Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade
- EBITDA net leverage above 5.0x for a sustained period;
- EBITDA interest coverage below 1.5x for a sustained period.
Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade
- A sustained and substantial reduction in counterparty risk, as reflected in a continued improvement in CEB's credit profile.
Resus Energy
Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade
- EBITDA net leverage above 6.5x for a sustained period;
- EBITDA interest coverage below 1.5x for a sustained period.
Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade
- We do not expect an upgrade given Resus' small scale versus higher-rated peers.
Bogawantalawa Tea Estates
Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade
- Sustained negative free cash flow, leading to a weakening of the liquidity position or banking access;
- EBITDA interest coverage falling below 2.0x on a sustained basis.
Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade
- There is no scope for an upgrade given exposure to structurally weakening crops (tea or rubber) with regulatory constraints on crop diversification impeding earnings growth and scale.
Oxford College
Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade
- Inability to extend trade payables to suppliers.
- Further weakening in liquidity and funding access, including an inability to settle maturing debt with operating cash flow;
- Increased likelihood of non-renewal of supplier contracts.
Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade
- Material improvement in liquidity and funding access, provided contracts with key suppliers are renewed.
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING
The principal sources of information used in the analysis are described in the Applicable Criteria.
Public Ratings with Credit Linkage to other ratings
SLT's and CEB's ratings are directly affected by the Sri Lankan sovereign's credit profile, in line with Fitch's PSL and GRE criteria, respectively.
MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS
Click here to access Fitch's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in our credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included.
ESG Considerations
Fitch does not provide ESG relevance scores for Abans PLC,Bogawantalawa Tea Estates PLC,CIC Holdings PLC,Ceat Kelani Holdings Pvt Limited,Ceylon Electricity Board,DSI Samson Group (Private) Limited,Dialog Axiata PLC,Distilleries Company of Sri Lanka PLC,Hayleys PLC,Hemas Holdings PLC,JAT Holdings PLC,Lakdhanavi Limited,Lion Brewery (Ceylon) PLC,Melstacorp PLC,Oxford College of Business (Private) Limited,Resus Energy PLC,Sierra Cables PLC,Singer (Sri Lanka) PLC,Sri Lanka Telecom PLC,Sunshine Holdings PLC,Vidullanka PLC,WindForce PLC.
In cases where Fitch does not provide ESG relevance scores in connection with the credit rating of a transaction, programme, instrument or issuer, Fitch will disclose any ESG factor that is a key rating driver in the key rating drivers section of the relevant rating action commentary.
