Access Engineering PLC

ICRA Lanka revises the ratings of Access Engineering PLC

Instrument*Rated Amount (LKR Mn)OutstandingAmount
(LKR Mn)
   Rating Action
Issuer Rating N/AN/ARevised to [SL]A (Negative) from [SL]A+ (Negative)
Senior Unsecured Redeemable Listed Debenture programme 5,000.000.56Revised to [SL]A (Negative) from [SL]A+ (Negative)

Rating action

ICRA Lanka Limited has revised the issuer rating of Access Engineering PLC (“AEL”/”the Company”) to [SL]A (pronounced S L A) with a Negative outlook from [SL]A+ (pronounced S L A plus) with a Negative outlook. ICRA Lanka has also revised the issue Rating for the Company’s outstanding LKR 0.56 Mn Senior Unsecured Redeemable Listed Debenture Programme to [SL]A (pronounced S L A) with a Negative outlook from [SL]A+ (pronounced S L A plus) with a Negative outlook.

Rationale

ICRA Lanka takes a consolidated view of the Access Engineering PLC and its group entities, given the significant operational and financial linkages.

The rating revision factors in the challenging macro-economic outlook and its adverse impact on the construction sector, in particular. Given the current extremely challenging operating environment, the construction sector is adversely affected by delayed payments from the Government of Sri Lanka (GoSL), material shortages, and high input prices. Attributing to the worsening economic crisis in the country, ICRA Lanka envisages a sizable contraction in the construction industry, in real terms, this year. ICRA Lanka also notes that the elevated concentration of the company on the projects of state-owned entities (SoEs) (RDA and UDA, in particular) has largely affected the cash flow of the AEL due to prolonged delays in payments. 

ICRA Lanka anticipates new development activities in the country to be at historically low levels and in the meantime, the development projects carried out by GoSL have been suspended since May 2022. While ICRA Lanka takes note of the ongoing discussions at RDA & UDA to reduce the scope of the road and other development projects on mutual terms, the final outcome of the same will be a key monitorable, from a rating point of view. During Q1FY2023 the Group recorded a  31% (annualized) negative revenue growth in comparison to 66.9% revenue growth recorded in FY2022. The rating revision also factors in the sharp increase in overall debt levels, (to LKR 24.1Bn as of June 2022 vis-à-vis LKR 8.96 Bn as of March 2021) exerting pressure on the coverage and leverage indicators of AEL. Capital investments, extended payment cycles in the construction sector, and the overall increase in the working capital intensity have largely contributed to the elevated debt levels.

The rating, however, continues to favorably factor in the longstanding track record and established position of Access Engineering Group as a leading Engineering, Procurement and Construction (EPC) contractor in Sri Lanka. AEL has significant experience in the design and construction of Roads & Bridges, Mid-Rise Buildings, and foundations & sub-ground work for high-rise buildings. Further, AEL also has varied experience undertaking EPC works in engineering segments such as water infrastructure, telecommunications, ports, airports, etc. Further, the ratings also consider the Company’s professional management team, the healthy relationships with various stakeholders in the construction industry, and the reputation in the industry for technology innovation and timely delivery.

Outlook: Negative

The Negative outlook reflects the challenging outlook for the construction sector in Sri Lanka, affecting the overall operating performance and the capitalization profile of the Group. The ability of the Company to realize the payment on time from the UDA & RDA of Sri Lanka would be a key monitorable.

Key Rating Drivers

Credit strengths

Leading Construction and Engineering Group in Sri Lanka: Access Engineering PLC (AEL) has a longstanding presence in the Engineering, Procurement and Construction (EPC) business in Sri Lanka.  The Company is one of the top construction contractors in Sri Lanka. The Company’s in-house services offer fully integrated project solutions, including Project Design, Piling, etc. The Company also has its materials supply chain, an island-wide network of quarries, crusher plants, asphalt plants and concrete batching plants. This has helped the Company to have better control over the construction projects.

Experience of the promoter/s and the Management: The Company and the Group as a whole have been driven by the rich promoter experience and the strong and experienced management team, which has guided the Company through several business cycles. The Company has relatively well-planned succession management policies and a better corporate governance structure. This has ensured business continuity over the past several decades. The Management attends to their business-related issues promptly, and this has helped the Company manage its operational challenges much faster than other competitors successfully. 

Healthy revenue diversity: AEL has diversified its revenue base by expanding into the construction material segment in addition to the commercial real estate segment. The construction material segment’s contribution increased to 40% in FY2022 from 27% in FY2021 and 13% in FY2020. As a result, the segment reported a Y-o-Y growth of 147% in FY2022 compared to 108% growth in FY2021. The revenue growth of the segment was driven by supplying asphalt to road construction projects. Capital Heights project by Blue Star Realties (Pvt) Ltd is expected to complete by end of the FY2023. Moreover, AEL has invested cumulatively around LKR 3.09 Bn in “Harbor Village”, which is a mixed development project, with other shareholders being China Harbor Engineering Company Ltd and Mustafa’s (Pvt) Ltd (Singapore) at the time of project commencement. Currently, this project has recorded ~52% bookings in terms of units and ~42% in terms of sellable area. In the medium term, Harbor Village Project is expected to contribute significantly toward the overall profitability of the Group. The revenue from the property segment elevated by 13% in FY2022 due to improved collections followed by concessions offered to the tenants of Access Towers amidst the Pandemic, whereas a negative growth of -17% in the property segment of the group was reported in FY2021. The Company commenced work on the Access Tower III-Car Park project on Jun-21, and it will get completed in two years. Once completed, this will add 285 parking spaces to Access Towers. During FY2020/21, the Company invested in a warehousing facility through a fully owned subsidiary, W U S Logistics (Pvt) Ltd. The total cost of this project is ~LKR 5.6 Bn and was fully funded at the standalone level. This warehouse facility will be rented out for Camso-Loadstar with a “lock-in period” of ten years. Additionally during FY2021/22 the Company also commenced construction of another warehousing and logistics facility of 700,000 Sq. Ft. in Ekala. ICRA Lanka will continue to monitor the performance of the construction, construction material segment and the progress of these large-scale projects (including the Harbour Village project)

Credit challenges

Challenging sector outlook affecting Group revenue and profitability; The Consolidated entity reported Q-o-Qrevenue decline of 31%  in Q1FY2023, compared to the steady growth in FY2022. Material shortages, high input prices and operational disruptions due to the challenging operating environment have contributed to the sharp decline in the operating performance of the group. The sharp increase in finance costs due to elevated debt levels and the increase in systemic interest rates have also affected the overall profitability of the group. The automobile segment was affected by the ban on the import of motor vehicles since FY2020.ICRA Lanka envisages a significant slowdown in road construction and other development activities carried out by SOEs due to the prevailing economic crisis and GoSL’s decision to suspend development activities. The ability to maintain healthy profitability indicators consistently in the consolidated entity in the short to medium term would be a key monitorable. ICRA Lanka expects the revenue growth and overall operating performance to remain under pressure in the short term, as the macro-economic challenges are to persist into the 2HCY2022.

Stretched capital structure and debt coverage; The Group’s borrowings increased to LKR 24.1Bn in Jun-22 from 9.3 Bn in Mar-21 and LKR 11.5 Bn in Mar-20. This has exerted pressure on the Capital structure and debt service indicators during the latest quarter ending Jun-22. Total Operating Liabilities to Total Net worth (TOL/TNW) ratio of the consolidated entity has increased to 1.83x in Jun-22from 1.14x in Mar-21 and 1.07x in Mar-20. The Total Debt to OPBITDA ratio increased to 4.15x in Q1FY2023from 2.30x in FY2021. The same was3.55x in FY2020.The gearing ratio increased to 0.80x in Q1FY2023from 0.36x in FY2021. The same was 0.48x in FY2020. The expected reduction in operating activities primarily arising from the suspension of development activities by the GoSL will further erode the coverage indicators. ICRA Lanka draws comfort from the Company’s current liquid investments/cash position and the Company’s access to debt from banks due to satisfactory and long-term relationships. This would help the Company service/repay any larger capital repayment in the short to medium term.

Analytical approach: For arriving at the ratings, ICRA Lanka has applied its rating methodologies as indicated below.Links to applicable criteria: https://www.icralanka.com/corporate-rating-methodology

About the Company:

Access Engineering PLC (AEL) started its operations in 2001 as the engineering, procurement and construction arm of the Access Group. In addition to the aforesaid businesses, also has a presence in telecom, healthcare, power & renewable energy, and information technology, including AEL and its subsidiaries. Over the last 20 years, AEL has become one of the leading players in the Civil Engineering and Construction industry of Sri Lanka. The Company was listed on the Colombo Stock Exchange (CSE) in March 2012, following an initial public offering. Since then, AEL has grown sizably with acquisitions of businesses, and by expanding its presence in construction, real estate and other business segments. In February 2012, Access Engineering acquired Sathosa Motors PLC (Sathosa), which holds the franchise for Isuzu commercial vehicles. Also, Sathosa’s subsidiary –Access Motors (Pvt.) Ltd. –is the sole agent for Jaguar Land Rover in Sri Lanka. This apart, Access Realties (Private) Limited, which owns a commercial office property – ‘Access Towers’ – and its subsidiary, Access Realties 2 (Private) Limited, which has developed another commercial property – “Access Tower II”, are fully-owned subsidiaries. Harbour Village (Pvt) Ltd, a subsidiary of AEL, is engaged in the business of the real-estate segment in Sri Lanka with its first mixed development project-Marina Square, Colombo with 1,088 units and 1.3 Mn sq. ft of sellable area. The Company owns a 60% joint venture stake in Capital Heights Rajagiriya through Blue Star Realties (Pvt) Ltd. Capital Heights has 242 units and a 0.4 Mn sq. ft sellable area. In FY2020, the Company acquired 100% of W U S Logistics (Pvt) Ltd to construct and operate a larger-scale warehousing facility in Sri Lanka. Additionally in FY2022, the Company also incorporated a fully owned subsidiary Access Logistics Park Ekala (Private) Limited for the development of a 700,000 Sq. Ft. warehousing and logistics facility in Sri Lanka.

Key financial indicators (audited) – Consolidated
Figs are in LKR MnFY18FY19FY20FY21FY22*1QFY23*
Operating Income26,150.932,594.524,508.524,409.340,731.55,458.4
OPBDITA3,217.44,692.13,239.24,048.85,505.01,481.1
PAT1,501.92,245.4927.62,393.35,130742
Total Debt9,650.99,065.011,483.49,318.523,429.624,614.9
Networth+ MI22,675.523,329.423,918.125,934.729,184.329,467.8
Gearing (times)0.420.390.480.360.800.84
Interest Cover (times)3.53.12.33.64.11.9
NCA/Total Debt (%)13.6832.0214.3127.6520.0917.84
Total Debt/OPBDITA (times)3.001.933.552.304.264.15

Note; Gearing-(Total Debts/ Networth),*-Unaudited

Rating history

Disclaimer
ICRA Logo

Subsidiary of ICRA Limited

A Group Company of Moody's Investors Service

CORPORATE OFFICE
Level10, East Tower, World Trade Center, Colombo 01, Sri Lanka
Tel:+94 11 4339907;Fax:+94112333307 Email:info@icralanka.com; Website:www.icralanka.com

© Copyright, 2022 ICRA Lanka Limited. All Rights Reserved. Contents may be used freely with due acknowledgement to ICRA Lanka.

ICRA Lanka ratings should not be treated as recommendations to buy, sell or hold the rated debt instruments. ICRA Lanka ratings are subject to a process of surveillance, which may lead to revision in ratings. An ICRA Lanka rating is a symbolic indicator of ICRA Lanka’s current opinion on the relative capability of the issuer concerned to timely service debts and obligations, with reference to the instrument rated. Please visit our website www.icralanka.com or contact ICRA Lanka’s office for the latest information on the outstanding ICRA Lanka ratings.

All information contained herein has been obtained by ICRA Lanka from sources believed by it to be accurate and reliable, including the rated issuer. ICRA Lanka however has not conducted any audit of the rated issuer or of the information provided by it. While reasonable care has been taken to ensure that the information herein is true, such information is provided ‘as is’ without any warranty of any kind, and ICRA Lanka in particular, makes no representation or warranty, express or implied, as to the accuracy, timeliness or completeness of any such information.

ICRA Lanka does not take any responsibility for accuracy of material/documents prepared or published by other parties based on this document. All ICRA Lanka official rating rationales are prepared in English and external parties may present or publish translated versions of the same. Readers are henceforth advised to refer to the ICRA Lanka’s official rating rationale in the event of any inconsistency found in such documents.

ICRA Lanka or any of its group companies may have provided services other than rating to the issuer rated. All information contained herein must be construed solely as statements of opinion, and ICRA Lanka shall not be liable for any losses incurred by users from any use of this publication or its contents.

Access Engineering PLC

ICRA Lanka revises the ratings of Access Engineering PLC

Instrument*Rated Amount (LKR Mn)OutstandingAmount
(LKR Mn)
   Rating Action
Issuer Rating N/AN/ARevised to [SL]A (Negative) from [SL]A+ (Negative)
Senior Unsecured Redeemable Listed Debenture programme 5,000.000.56Revised to [SL]A (Negative) from [SL]A+ (Negative)

Rating action

ICRA Lanka Limited has revised the issuer rating of Access Engineering PLC (“AEL”/”the Company”) to [SL]A (pronounced S L A) with a Negative outlook from [SL]A+ (pronounced S L A plus) with a Negative outlook. ICRA Lanka has also revised the issue Rating for the Company’s outstanding LKR 0.56 Mn Senior Unsecured Redeemable Listed Debenture Programme to [SL]A (pronounced S L A) with a Negative outlook from [SL]A+ (pronounced S L A plus) with a Negative outlook.

Rationale

ICRA Lanka takes a consolidated view of the Access Engineering PLC and its group entities, given the significant operational and financial linkages.

The rating revision factors in the challenging macro-economic outlook and its adverse impact on the construction sector, in particular. Given the current extremely challenging operating environment, the construction sector is adversely affected by delayed payments from the Government of Sri Lanka (GoSL), material shortages, and high input prices. Attributing to the worsening economic crisis in the country, ICRA Lanka envisages a sizable contraction in the construction industry, in real terms, this year. ICRA Lanka also notes that the elevated concentration of the company on the projects of state-owned entities (SoEs) (RDA and UDA, in particular) has largely affected the cash flow of the AEL due to prolonged delays in payments. 

ICRA Lanka anticipates new development activities in the country to be at historically low levels and in the meantime, the development projects carried out by GoSL have been suspended since May 2022. While ICRA Lanka takes note of the ongoing discussions at RDA & UDA to reduce the scope of the road and other development projects on mutual terms, the final outcome of the same will be a key monitorable, from a rating point of view. During Q1FY2023 the Group recorded a  31% (annualized) negative revenue growth in comparison to 66.9% revenue growth recorded in FY2022. The rating revision also factors in the sharp increase in overall debt levels, (to LKR 24.1Bn as of June 2022 vis-à-vis LKR 8.96 Bn as of March 2021) exerting pressure on the coverage and leverage indicators of AEL. Capital investments, extended payment cycles in the construction sector, and the overall increase in the working capital intensity have largely contributed to the elevated debt levels.

The rating, however, continues to favorably factor in the longstanding track record and established position of Access Engineering Group as a leading Engineering, Procurement and Construction (EPC) contractor in Sri Lanka. AEL has significant experience in the design and construction of Roads & Bridges, Mid-Rise Buildings, and foundations & sub-ground work for high-rise buildings. Further, AEL also has varied experience undertaking EPC works in engineering segments such as water infrastructure, telecommunications, ports, airports, etc. Further, the ratings also consider the Company’s professional management team, the healthy relationships with various stakeholders in the construction industry, and the reputation in the industry for technology innovation and timely delivery.

Outlook: Negative

The Negative outlook reflects the challenging outlook for the construction sector in Sri Lanka, affecting the overall operating performance and the capitalization profile of the Group. The ability of the Company to realize the payment on time from the UDA & RDA of Sri Lanka would be a key monitorable.

Key Rating Drivers

Credit strengths

Leading Construction and Engineering Group in Sri Lanka: Access Engineering PLC (AEL) has a longstanding presence in the Engineering, Procurement and Construction (EPC) business in Sri Lanka.  The Company is one of the top construction contractors in Sri Lanka. The Company’s in-house services offer fully integrated project solutions, including Project Design, Piling, etc. The Company also has its materials supply chain, an island-wide network of quarries, crusher plants, asphalt plants and concrete batching plants. This has helped the Company to have better control over the construction projects.

Experience of the promoter/s and the Management: The Company and the Group as a whole have been driven by the rich promoter experience and the strong and experienced management team, which has guided the Company through several business cycles. The Company has relatively well-planned succession management policies and a better corporate governance structure. This has ensured business continuity over the past several decades. The Management attends to their business-related issues promptly, and this has helped the Company manage its operational challenges much faster than other competitors successfully. 

Healthy revenue diversity: AEL has diversified its revenue base by expanding into the construction material segment in addition to the commercial real estate segment. The construction material segment’s contribution increased to 40% in FY2022 from 27% in FY2021 and 13% in FY2020. As a result, the segment reported a Y-o-Y growth of 147% in FY2022 compared to 108% growth in FY2021. The revenue growth of the segment was driven by supplying asphalt to road construction projects. Capital Heights project by Blue Star Realties (Pvt) Ltd is expected to complete by end of the FY2023. Moreover, AEL has invested cumulatively around LKR 3.09 Bn in “Harbor Village”, which is a mixed development project, with other shareholders being China Harbor Engineering Company Ltd and Mustafa’s (Pvt) Ltd (Singapore) at the time of project commencement. Currently, this project has recorded ~52% bookings in terms of units and ~42% in terms of sellable area. In the medium term, Harbor Village Project is expected to contribute significantly toward the overall profitability of the Group. The revenue from the property segment elevated by 13% in FY2022 due to improved collections followed by concessions offered to the tenants of Access Towers amidst the Pandemic, whereas a negative growth of -17% in the property segment of the group was reported in FY2021. The Company commenced work on the Access Tower III-Car Park project on Jun-21, and it will get completed in two years. Once completed, this will add 285 parking spaces to Access Towers. During FY2020/21, the Company invested in a warehousing facility through a fully owned subsidiary, W U S Logistics (Pvt) Ltd. The total cost of this project is ~LKR 5.6 Bn and was fully funded at the standalone level. This warehouse facility will be rented out for Camso-Loadstar with a “lock-in period” of ten years. Additionally during FY2021/22 the Company also commenced construction of another warehousing and logistics facility of 700,000 Sq. Ft. in Ekala. ICRA Lanka will continue to monitor the performance of the construction, construction material segment and the progress of these large-scale projects (including the Harbour Village project)

Credit challenges

Challenging sector outlook affecting Group revenue and profitability; The Consolidated entity reported Q-o-Qrevenue decline of 31%  in Q1FY2023, compared to the steady growth in FY2022. Material shortages, high input prices and operational disruptions due to the challenging operating environment have contributed to the sharp decline in the operating performance of the group. The sharp increase in finance costs due to elevated debt levels and the increase in systemic interest rates have also affected the overall profitability of the group. The automobile segment was affected by the ban on the import of motor vehicles since FY2020.ICRA Lanka envisages a significant slowdown in road construction and other development activities carried out by SOEs due to the prevailing economic crisis and GoSL’s decision to suspend development activities. The ability to maintain healthy profitability indicators consistently in the consolidated entity in the short to medium term would be a key monitorable. ICRA Lanka expects the revenue growth and overall operating performance to remain under pressure in the short term, as the macro-economic challenges are to persist into the 2HCY2022.

Stretched capital structure and debt coverage; The Group’s borrowings increased to LKR 24.1Bn in Jun-22 from 9.3 Bn in Mar-21 and LKR 11.5 Bn in Mar-20. This has exerted pressure on the Capital structure and debt service indicators during the latest quarter ending Jun-22. Total Operating Liabilities to Total Net worth (TOL/TNW) ratio of the consolidated entity has increased to 1.83x in Jun-22from 1.14x in Mar-21 and 1.07x in Mar-20. The Total Debt to OPBITDA ratio increased to 4.15x in Q1FY2023from 2.30x in FY2021. The same was3.55x in FY2020.The gearing ratio increased to 0.80x in Q1FY2023from 0.36x in FY2021. The same was 0.48x in FY2020. The expected reduction in operating activities primarily arising from the suspension of development activities by the GoSL will further erode the coverage indicators. ICRA Lanka draws comfort from the Company’s current liquid investments/cash position and the Company’s access to debt from banks due to satisfactory and long-term relationships. This would help the Company service/repay any larger capital repayment in the short to medium term.

Analytical approach: For arriving at the ratings, ICRA Lanka has applied its rating methodologies as indicated below.Links to applicable criteria: https://www.icralanka.com/corporate-rating-methodology

About the Company:

Access Engineering PLC (AEL) started its operations in 2001 as the engineering, procurement and construction arm of the Access Group. In addition to the aforesaid businesses, also has a presence in telecom, healthcare, power & renewable energy, and information technology, including AEL and its subsidiaries. Over the last 20 years, AEL has become one of the leading players in the Civil Engineering and Construction industry of Sri Lanka. The Company was listed on the Colombo Stock Exchange (CSE) in March 2012, following an initial public offering. Since then, AEL has grown sizably with acquisitions of businesses, and by expanding its presence in construction, real estate and other business segments. In February 2012, Access Engineering acquired Sathosa Motors PLC (Sathosa), which holds the franchise for Isuzu commercial vehicles. Also, Sathosa’s subsidiary –Access Motors (Pvt.) Ltd. –is the sole agent for Jaguar Land Rover in Sri Lanka. This apart, Access Realties (Private) Limited, which owns a commercial office property – ‘Access Towers’ – and its subsidiary, Access Realties 2 (Private) Limited, which has developed another commercial property – “Access Tower II”, are fully-owned subsidiaries. Harbour Village (Pvt) Ltd, a subsidiary of AEL, is engaged in the business of the real-estate segment in Sri Lanka with its first mixed development project-Marina Square, Colombo with 1,088 units and 1.3 Mn sq. ft of sellable area. The Company owns a 60% joint venture stake in Capital Heights Rajagiriya through Blue Star Realties (Pvt) Ltd. Capital Heights has 242 units and a 0.4 Mn sq. ft sellable area. In FY2020, the Company acquired 100% of W U S Logistics (Pvt) Ltd to construct and operate a larger-scale warehousing facility in Sri Lanka. Additionally in FY2022, the Company also incorporated a fully owned subsidiary Access Logistics Park Ekala (Private) Limited for the development of a 700,000 Sq. Ft. warehousing and logistics facility in Sri Lanka.

Key financial indicators (audited) – Consolidated
Figs are in LKR MnFY18FY19FY20FY21FY22*1QFY23*
Operating Income26,150.932,594.524,508.524,409.340,731.55,458.4
OPBDITA3,217.44,692.13,239.24,048.85,505.01,481.1
PAT1,501.92,245.4927.62,393.35,130742
Total Debt9,650.99,065.011,483.49,318.523,429.624,614.9
Networth+ MI22,675.523,329.423,918.125,934.729,184.329,467.8
Gearing (times)0.420.390.480.360.800.84
Interest Cover (times)3.53.12.33.64.11.9
NCA/Total Debt (%)13.6832.0214.3127.6520.0917.84
Total Debt/OPBDITA (times)3.001.933.552.304.264.15

Note; Gearing-(Total Debts/ Networth),*-Unaudited

Rating history

Disclaimer
ICRA Logo

Subsidiary of ICRA Limited

CORPORATE OFFICE
Level10, East Tower, World Trade Center, Colombo 01, Sri Lanka
Tel:+94 11 4339907;Fax:+94112333307 Email:info@icralanka.com; Website:www.icralanka.com

© Copyright, 2022 ICRA Lanka Limited. All Rights Reserved. Contents may be used freely with due acknowledgement to ICRA Lanka.

ICRA Lanka ratings should not be treated as recommendations to buy, sell or hold the rated debt instruments. ICRA Lanka ratings are subject to a process of surveillance, which may lead to revision in ratings. An ICRA Lanka rating is a symbolic indicator of ICRA Lanka’s current opinion on the relative capability of the issuer concerned to timely service debts and obligations, with reference to the instrument rated. Please visit our website www.icralanka.com or contact ICRA Lanka’s office for the latest information on the outstanding ICRA Lanka ratings.

All information contained herein has been obtained by ICRA Lanka from sources believed by it to be accurate and reliable, including the rated issuer. ICRA Lanka however has not conducted any audit of the rated issuer or of the information provided by it. While reasonable care has been taken to ensure that the information herein is true, such information is provided ‘as is’ without any warranty of any kind, and ICRA Lanka in particular, makes no representation or warranty, express or implied, as to the accuracy, timeliness or completeness of any such information.

ICRA Lanka does not take any responsibility for accuracy of material/documents prepared or published by other parties based on this document. All ICRA Lanka official rating rationales are prepared in English and external parties may present or publish translated versions of the same. Readers are henceforth advised to refer to the ICRA Lanka’s official rating rationale in the event of any inconsistency found in such documents.

ICRA Lanka or any of its group companies may have provided services other than rating to the issuer rated. All information contained herein must be construed solely as statements of opinion, and ICRA Lanka shall not be liable for any losses incurred by users from any use of this publication or its contents.