Fitch affirms DSI

Fitch Ratings said it affirmed DSI Holdings Ltd.'s national long-term rating at A-(lka) and senior unsecured notes at A-(lka).

The outlook is stable.

The rating reflects the company's leading market position in Sri Lanka's footwear industry, Fitch said, and the resilience of its business to economic cycles, which has largely allowed the company to sustain its sales and profit margins.

The company also benefits from a lack of strong competition in the footwear market, helped by high import duties since 2005, the agency said.

The rating is constrained by a lack of clarity on the credit profile of its 100% parent, D Samson Group, Fitch added.

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