Fitch affirms Richard Pieris

Fitch Ratings said it affirmed Richard Pieris & Co. plc's national long-term rating at A(lka) with a stable outlook.

“The affirmation of Rich's ratings reflect the group's substantial defensive cash flows stemming from its leading supermarket retail business, and diversification afforded by its export and plastics businesses,” the agency said in a news release.

“These strengths are counterbalanced by the challenges the company faces in the volatile plantation sector, as well as the structurally declining domestic tyre-retreading business, which together account for around 20% of the group's EBITDA.”

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