Fitch Ratings has affirmed Sri Lanka-based conglomerate Hemas Holdings PLC’s (Hemas) National Long-Term Rating at ‘AA-(lka)’ with a Stable Outlook.
Fitch has also affirmed the National rating on Hemas’s outstanding senior unsecured debentures at ‘AA-(lka)’.
Hemas’s rating reflects Fitch’s view that the group’s business risk profile has improved from the acquisition of Atlas Axillia (Private) Limited (Atlas), the largest domestic manufacturer and distributor of exercise books, pens, colour products and other school stationery, early this year.
The affirmation takes into account Fitch’s view that significant expansion plans in the next couple of years could limit further improvements in Hemas’s leverage.
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