Sri Lanka, March 25 -- Fitch Ratings has published the National Long-Term Rating of 'AAA(lka)' for Sri Lankan conglomerate Hayleys PLC's (AAA(lka)/Stable) proposed senior unsecured redeemable debentures of up to Rs. 7 billion.
"The proposed debentures are rated in line with Hayley's National Long-Term Rating and existing unsecured notes because we believe there will be limited subordination risk to debenture holders from secured debt at the holding company and debt at subsidiaries, which will rank ahead of the debentures. The proceeds from the debentures will be used to repay the company's existing short-term debt," it said in a rating commentary.
Hayleys' rating reflects its large operating scale and diversification across several promin...