Sri Lanka, March 2 -- Fitch Ratings has published the National Long-Term Rating of 'AAA(lka)' assigned to Hayleys PLC's proposed unsecured senior redeemable debentures of up to LKR7 billion.
The debentures are rated in line with Hayleys' National Long-Term Rating and existing unsecured notes. This is because subordination risk to debenture holders from debt at subsidiaries is limited, provided the ratio of subsidiary debt to consolidated EBITDA remains no higher than 2.5x. The ratio rose to 2.9x in 3QFY26 (financial year ending March), in part to fund seasonal demand in the consumer and retail sector, as well as a working capital increase in the purification sector due to expanding production capacity.
However, Fitch expects the ratio to ...