Fitch: Sierra Cables BB+(lka)

Fitch Ratings said it assigned a national long-term rating of BB+(lka) to Sierra Cables plc.

The outlook is stable.

The rating reflects its established core business, which has an extensive product portfolio, modest but expanding market share and stable EBITDA margins, Fitch said.

This is counterbalanced by exposure to cyclical end-markets, risks associated with international expansion and losses at subsidiaries, the agency said.

The ratings also are supported by an expectation that the company will maintain net leverage of less than 2.5x over the medium term despite planned capacity expansions, Fitch said.

Leverage was 2.4x for the financial year that ended March 31, the agency said.

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