Fitch rates Richard Pieris notes A(lka)

Fitch Ratings said it assigned a national long-term rating of A(lka) to Richard Pieris & Co. plc.

The outlook is stable.

Fitch also said it assigned a national long-term rating of A(lka) to the company’s outstanding senior unsecured debentures as they represent senior unsecured obligations of the company and rank equally with the company’s other senior unsecured debt.

The ratings reflect the diversified nature of the company’s business, strong market leadership in most product categories and well established operating history, the agency said.

The ratings are supported by an expectation that the group is likely to maintain leverage of less than 3x over the medium term compared with 2.04x in 2015, Fitch said.

High debt at the holding company level, challenges in the tea and rubber sectors and plans for aggressive growth in the financial-services sector constrain the ratings, the agency said.

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