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30 July, 2013 07:40 AM Source: News360.lk
Fitch Ratings.jpg

Sri Lanka based retailer Abans Limited’s Outlook has been revised to Negative from Stable by Fitch Ratings Lanka.
The National Long-Term rating has been affirmed at ‘A-(lka)’.

The agency has also affirmed Abans’s outstanding unsecured redeemable debentures at National Long-term ‘A-(lka)’, and its outstanding commercial paper at National Short-term ‘F2(lka)’.

According to Fitch, the Negative Outlook reflects an increase in Abans’s net leverage to 4.60x for the financial year ended March 2013 above the negative rating trigger of 4.5x.

“The increase was primarily due to higher debt incurred to fund Abans’s share of its upcoming Colombo City Mall joint venture, as well as due to bridging finance extended to a new related company that houses what was once Abans’s motorcycle retail business”, added the rating release issued by agency.

Below is the full release issued by Fitch

Fitch Ratings-Colombo-29 July 2013: Fitch Ratings has revised Sri Lanka-based retailer Abans Limited’s Outlook to Negative from Stable. The National Long-Term rating has been affirmed at ‘A-(lka)’. The agency has also affirmed Abans’s outstanding unsecured redeemable debentures at National Long-term ‘A-(lka)’, and its outstanding commercial paper at National Short-term ‘F2(lka)’. More...

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