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Friday, May 26, 2023

GCR Affirms Sundry Foods’ Credit Rating

Sun Lee Food Co., Ltd.

Food service company Sundry Foods Limited has received national long-term and short-term issuer ratings of A-(NG) and A2 (NG) respectively from Global Credit Ratings, with a positive outlook affirmed.

SFL’s marketing director Nduka Mokwunye said in a statement that GCR’s confirmation of the company’s national credit rating was included in the credit rating agency’s latest report.

“GCR has affirmed Sundry Foods Limited’s national long-term and short-term issuer ratings of A-(NG) and A2(NG) respectively. Concurrently, GCR has affirmed A-(NG) for Sundry Foods Funding SPV Plc’s N2.5 billion Series 1 bonds National long-term issue rating. The rating outlook has been revised to positive,” the statement said, citing a GCR report.

Explaining the rationale behind its decision, GCR said that the company maintained its competitive advantage, good earnings and good debt metrics during the year under review, although it reiterated that the positive outlook reflects its belief that SFL will maintain a strong earnings growth trajectory and maintain Moderate gearing indicators in its business expansion activities.

Commenting on the achievement, Ebele Enunwa, Managing Director of SFL, said: “This affirmation and improved outlook recognizes our continued growth performance and strong balance sheet management.”

Over the years, despite the unstable operating environment, we have continued to demonstrate leadership in our industry and pursue a rapid expansion strategy. “

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