June 08, 2020: Fitch Ratings has revised the National Long-Term Rating of Sunshine Holdings (CSE:SUN), to ‘A(lka)’ from ‘A-(lka)’ and has simultaneously affirmed its Outlook Stable. The rating revision of the diversified conglomerate, along with two other non-financial corporates, follows the recalibration of Fitch’s Sri Lankan National Rating scale to reflect changes in the relative creditworthiness among the country’s issuers, following the downgrade of the sovereign rating to ‘B-’ from ‘B’ in April. Sunshine’s ‘A(lka)’ rating reflects the Group’s leading positions in defensive sectors such as healthcare, fast-moving consumer goods such as packaged tea retailing, and protected sectors such as crude palm oil.
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