Fitch rates DSI debt BBB+(lka)

Fitch Ratings said it affirmed DSI Holdings Ltd.'s national long-term rating, as well as its outstanding senior unsecured notes at BBB+(lka). The agency also said it assigned a BBB+(lka) national long-term rating to its proposed senior unsecured debentures of up to LKR800 million.

The outlook is stable.

Proceeds from the notes issue will be used to refinance the LKR270 million long-term debt and fund its existing working capital, Fitch said.

Hence, the proposed debt issue is not expected to materially change the company's total debt balance, the agency said.

The ratings reflect its position as Sri Lanka's largest manufacturer and retailer of footwear, Fitch said, and its strong brand franchise.

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