ACL Cables credit rating receives boost with AA- upgrade from ICRA Lanka

Showcasing a strong financial position and dominant market share of the local cable industry with strong brand equity, ACL Cables PLC’s credit rating was upgraded with a [SL] AA- Stable outlook recently according to ICRA Lanka Limited, a Group Company of Moody’s Investor Services.

ACL Cables, Sri Lanka’s no.1 cable company in Sri Lanka, is the only cable company in the local industry to register an issuer rating of [SL] AA-. Previously, the company had been assigned a [SL] A+ Stable outlook. The elevated rating demonstrates ACL Cables’ stability and credit worthiness amidst challenging business environments having prevailed successfully during the last financial year.

ACL Cables PLC registered impressive Group revenues of Rs. 22.6 billion for the financial year ended in March 2021. Furthermore, the Group recorded a profit after tax of Rs. 1.7 billion for the same financial year. This was a mammoth 71% increase compared to the previous.

Commenting the achievement, Suren Madanayake, Managing Director, ACL stated, “We are elated with the latest issuer credit rating recorded by ICRA Lanka and the upgrading to [SL] AA- from [SL] A+. Having maintained an [SL] A+ credit rating for the past four consecutive years, I am extremely pleased to witness the company upgraded to [SL] AA- this year. This is a remarkable achievement. We have once again proved ourselves as the best in the industry. It demonstrates our financial strength amidst challenging business conditions. I believe that this would create more business confidence in ACL Cables among our shareholders, customers and all stakeholders.”

ACL Cables commenced operations in 1962 in Kalutara and to-date celebrates six decades of serving the nation. Adding novelty to its product range, ACL was the first Sri Lanka enterprise to introduce Aerial Bundled conductors (ABC), Aluminum conductors, Armoured and unarmoured power cables, control cables etc.