7 May, 2023
Fitch Ratings has affirmed Sri Lanka-based Sunshine Holdings PLC’s National Long-Term Rating at ‘AA+(lka)’. The Outlook is Stable.
The affirmation and Stable Outlook reflect Fitch’s view that Sunshine’s exposure to defensive cash flow will support its financial metrics in the next 12-18 months, despite challenging operating conditions.
Sunshine’s rating reflects its strong financial profile and solid market positions in healthcare, fast-moving consumer goods, such as packaged tea and confectionery, and palm oil plantations. The rating is constrained by a small operating scale, commodity-price volatility in Sunshine’s palm-oil business and regulatory risks in healthcare.