Global Credit Ratings has affirmed the national scale Issuer ratings assigned to ASL Limited of BBB+(KE) and A2(KE) in the long and short term respectively; with the outlook accorded as Stable. Concurrently, Global Credit Ratings has also affirmed ASL Limited’s Commercial Paper rating of A2(KE). The ratings are valid until 31 May 2019.
The ratings take cognizance of ASL’s entrenched position as a leading supplier of building and hardware products in Kenya, underpinned by a network of vertically integrated businesses that provide a captive market for some of the products and a wide network of dealers and distributors.
The group leverages off strategic partnerships with global hardware manufacturers and enjoys exclusive distributorship rights on some leading brands. While each division within the broader group is separately managed, ASL is able to utilize the operational synergies across Ramco’s entrenched supply chain, as well as the cost savings from a wide range of shared services. Despite a slowdown in demand caused by the political instability of the financial year of 2017, revenue improved through the chemicals division.
Global Credit Ratings is the leading emerging market-focused rating agency, rating the full spectrum of security classes and accords both International Scale and National Scale ratings, and together with its international affiliates, rates almost 3000 organizations and debt issues – spanning 4 continents.
