Fitch upgrades Richard Pieris Finance ratings to AA- /Stable

Monday, 1 February 2021 00:00 - - {{hitsCtrl.values.hits}}

Fitch Ratings Lanka has revised the ratings of Richard Pieris Finance Ltd.’s National Long-Term Rating to AA-(lka), from A-(lka).

The revision of the National Rating and the Outlook of Richard Pieris Finance stem from the change in the relativity of its corporate parent due to the recalibration of the corporate parent’s National Rating.

Richard Pieris Finance is a member of the Richard Pieris Group, which has one of the strongest brand names in the country known as Arpico.

As a diversified conglomerate with a workforce of 28,000 employees, the Group has invested Rs. 1 billion in recent months to strengthen Tier I and Tier II capital of Richard Pieris Finance, bringing the total Tier I and Tier II cumulative capital investment in Richard Pieris Finance to Rs. 2.2 billion.

This revision, at a time of unsound economic conditions, stands testament to the company’s strength, supported by Richard Pieris Group with its heritage of 88 years.

As an economic powerhouse with more than 50 factories and 30 Arpico Hyper Markets spread across the country, Richard Pieris Group is a key stakeholder in fuelling the economy of the country.

Richard Pieris Group also has the pride of being the largest tea and rubber producer in the country, which brings millions of dollars to the country.