Fitch assigns AA (Sri) for Aitken Spence debentures

Fitch Ratings Lanka Ltd ("FRL") affirmed the 'AA (Sri)' long-term ratings assigned to Aitken Spence and Company Limited's Rs. 400m 2002/2006 and Rs. 1,000m 2004/2009 unsecured redeemable debentures. The outlook remains stable.

AA (Sri)' ratings denote a very low expectation of credit risk. They indicate very strong capacity for timely payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events. The ratings reflect Aitken Spence & Company Limited's diversity in terms of business activities - both operational and geographical, and cash-generative operations. ASCL's financial profile is characterised by strong liquidity and financial flexibility, healthy capitalisation and substantial cash flow generation.

The group, which was largely dependent on tourism, has diversified into power generation and increased its presence in shipping and cargo logistics operations mitigating the cyclical nature of tourism related operations. The group's present credit metrics are comfortable for the current rating category.