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Fitch affirms Sunshine Holdings at 'A(lka)'; outlook stable

Fitch Ratings has affirmed Sri Lanka-based Sunshine Holdings PLC's National Long-Term Rating at 'A(lka)'. The Outlook is Stable.

The rating on the diversified conglomerate reflects its exposure to defensive end-markets, strong market positions in its diversified products and Fitch's expectations of steady free cash flow generation over the medium term. These strengths are counterbalanced by the regulatory risk faced by the pharmaceutical distribution business, the exposure to commodity price volatility in its palm oil business, and the weak tea plantations segment.

The rating also takes into account Fitch's expectations that Sunshine's net leverage, defined as lease-adjusted net debt /operating EBITDAR (including proportionate consolidation of EMSPL, the holding company for the agriculture and consumer goods segments), is likely to remain below 1.5x over the medium term, supported by strong EBITDA generation and modest capex requirements beyond the financial year ending March 2018 (FY18).


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