Fitch affirms Hayleys

Fitch Ratings said it affirmed Hayleys PLC's national long-term rating at AA-(lka).

The outlook is stable.

The agency said the rating reflects the sufficiently strong credit metrics of Hayleys on a standalone basis, the diverse dividend income base and strong control over its subsidiaries' dividend distribution policies, given Hayleys' majority ownership and management control.

The earnings of many of Hayleys' subsidiaries are under pressure as a result of the global economic downturn, which will result in lower dividend flows to Hayleys over the next 12 to 18 months, but Fitch believes Hayleys' relatively low debt and operating expenses will allow it to maintain a credit profile appropriate for the current ratings.

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