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CIC gets positive int’l rating

RAM Ratings Lanka has assigned respective long- and short-term corporate credit ratings of A and P2 to CIC Holdings PLC; the outlook on the long-term rating is stable. The Group’s ratings are supported by the dominant market positions in its key business areas as well as resilient demand for agriculture related products. The ratings also reflect CIC’s adequate gearing and debt protection metrics and the Group’s diversified business profile, the ratings agency said in a statement. “The ratings are however, pressured by the competitive industry landscape the Group operates in, as well as its exposure to vagaries of the agriculture segment.

“CIC has diversified businesses in the agribusiness and livestock industry as well as interests in the consumer and pharmaceutical industries, paints, industrial raw material and packaging. The Group has strong market positions in most of its key business lines, particularly in its agribusiness portfolio.

CIC is the largest private sector player in the domestic fertiliser industry, with an estimated 40 percent market share in the non-paddy segment. The Group is one of the largest players in the pesticides market, with a share of around 25 percent. The information contained in this report, researched and compiled for purposes of information do not purport to be complete description of the subject matter referred to herein.

In preparing this report care has been exercised to collect information from sources which we believe to be reliable although we do not guarantee the accuracy and completeness thereof. Lanka Securities (Pvt.) Ltd and/or its affiliates and/or its directors, officers and employees shall not in any way be responsible or liable for loss or damage which any person or party may sustain or incur by relying on the contents of this report and acting directly or in directly in any manner whatsoever.

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