DCSL secures high AAA Fitch Rating
View(s):Fitch Ratings Lanka Ltd has assigned the Distilleries Company of Sri Lanka PLC (DCSL) with AAA rating (stable outlook) which verifies for the financial stability of the company.
DCSL Group lead by its flagship Distilleries Company of Sri Lanka PLC, manages one of the nation’s most successful, diversified blue chip portfolios spanning beverages, telecommunications, plantations, hotels, textiles, financial services, creative and media services and logistic services. The DCSL Group is among the top five corporate conglomerates in Sri Lanka with assets in excess of Rs. 67 billion and an annual turnover of approximately Rs. 63 billion, the group said in a media statement.
“Achieving AAA status reinforces the success of our financial model and boosts confidence among the banking and investment community. The company has been popularly known to maintain its stability over a period. The AAA rating has verified the Company’s status with the achievement of this independent validation,” said Harry Jayawardena, Group Chairman.
“The AAA rating denotes the highest notch in a credit score for a Sri Lankan company and provides a secure backdrop for prospective lenders to support expansion with minimum or no risk going forward. The DCSL has a long-standing reputation for being cash rich, which has been consolidated further with this rating. Financial costs are a significant component for any organization. With the relatively high interest rates in the market, DCSL will be able to leverage its minimal risk status to obtain low interest loans. As a cost-conscious entity, DCSL will leverage its stability to maximize shareholder wealth,” the statement added.
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