Fitch Affirms Sunshine Holdings at ‘AA+(lka)’; Outlook Stable


Fitch Ratings has affirmed Sri Lanka-based Sunshine Holdings PLC’s National Long-Term Rating at ‘AA+(lka)’. The Outlook is Stable.

The affirmation reflects Sunshine’s increasing exposure to the defensive healthcare segment and the export market through measured acquisitions, while maintaining a strong financial profile. Sunshine’s rating reflects its leading positions in healthcare, fast-moving consumer goods, such as packaged tea and confectionery, as well as in protected sectors, such as palm oil plantations.

The rating is constrained by Sunshine’s small operating scale and a more moderate competitive position versus higher-rated peers. “The company’s scale will temporarily rise largely on account of high global palm oil prices, but we expect this to moderate over the medium term”.