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June 12, 2017
ASL LTD: First Time rating of BBB+ (KE), Outlook Stable

ASL Limited was accorded the honor of a first time national scale long term debt rating of BBB+(KE), a national scale short term debt rating of A2(KE) and a Commercial Paper rating of A2(KE) by Global Credit Ratings in Johannesburg on 19th May, 2017. The ratings have been granted a Stable outlook, and are valid until May 2018.

Global Credit Ratings (“GCR”) accorded the credit ratings to ASL Limited (“ASL”) centered on ASL’s performance history and business approach to sales, funding expansions and new ventures. ASL has exceled in five business divisions namely hardware, stainless steel products, heavy fabrication, wires and cable and chemical trading while enjoying benefits of shared services and business relationships across the broader Ramco Group of companies. ASL’s stable base which is derived from the different divisions was seen to provide pillars that support customer loyalty, minimize bad debt and facilitate further product expansions. Global Credit Rating believes ASL Limited is well-positioned to benefit from Kenya’s strong economic growth, particularly in the housing sector, whose gaps in supply and demand should result to growing business for ASL’s core products.

The ratings were based solely on the merits of the rated entity, security or financial instrument being rated; and were an independent evaluation of the risks and merits of the rated entity, security or financial instruments provided.


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