Published 12 hours ago

Sri Lanka’s Kotagala Plantations downgraded three steps to CCC(lka) after wage hike

Summary by EconomyNext

ECONOMYNEXT – Fitch Ratings has downgraded Sri Lanka’s Kotagala Plantations by three levels to ‘CCC(lka)’ from ‘B+(lka)’ and its listed unsecured debentures four steps to CCC-(lka) after a state driven wage hike. “We expect the statutory increase in labour costs effective September 2024 to dampen free cash flow (FCF), leading to a high likelihood that Kotagala will amend or extend the terms of its debt facilities as they fall due over the next t…

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Sri Lanka’s Kotagala Plantations downgraded three steps to CCC(lka) after wage hike

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