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itch Ratings Lanka has downgraded Hayleys PLC's National Long-Term rating to 'A+(lka)' from 'AA-(lka)'. The Outlook is Negative.
The downgrade reflects Hayleys' increased appetite for financial leverage at the holding company (HoldCo), as reflected in the company's heightened use of borrowings in 2010 and 2011 to fund its three large acquisitions that have protracted payback periods.
Hayleys' rating also factors in the heightened risk to the group's cash flows stemming from the weak economic outlook in its key export markets, the European Union and North America (50% of FY11 (end-March 2011) revenue). However, Fitch expects better performance in Hayleys' consumer, agriculture, power, transport, and leisure segments domestically to help offset export-oriented risks to an extent.
The rating also factors in Fitch's view that Hayleys may need to extend financial support to its textile company - Hayleys MGT Knitting Mills PLC (HMGT, 'BBB(lka)'/Negative, 57% direct-ownership), as the latter is undergoing a restructuring process.
http://www.reuters.com/article/2011/12/28/idUSWLA080120111228
The downgrade reflects Hayleys' increased appetite for financial leverage at the holding company (HoldCo), as reflected in the company's heightened use of borrowings in 2010 and 2011 to fund its three large acquisitions that have protracted payback periods.
Hayleys' rating also factors in the heightened risk to the group's cash flows stemming from the weak economic outlook in its key export markets, the European Union and North America (50% of FY11 (end-March 2011) revenue). However, Fitch expects better performance in Hayleys' consumer, agriculture, power, transport, and leisure segments domestically to help offset export-oriented risks to an extent.
The rating also factors in Fitch's view that Hayleys may need to extend financial support to its textile company - Hayleys MGT Knitting Mills PLC (HMGT, 'BBB(lka)'/Negative, 57% direct-ownership), as the latter is undergoing a restructuring process.
http://www.reuters.com/article/2011/12/28/idUSWLA080120111228
