Fitch Ratings said today it has affirmed John Keells Holdings PLC's (JKH) National Long-Term rating at 'AAA(lka)'. The Outlook is Stable.
The affirmation reflects JKH's resilience of dividend inflows to, and resultant low financial leverage (net debt/EBITDA excluding non-recurring items) at the holding company (HoldCo).
This is in turn driven by the strong competitive positions of most of its key operating companies. Fitch also notes that the risk of structural subordination of HoldCo creditors is low
as JKH's key dividend-paying companies have minimal debt on their balance sheets.
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