South African Global Credit Rating (GCR), has accorded ASL Ltd, previously known as Associated Steel Ltd, a stable outlook rating — putting it in a better position to raise funds.
The GCR rated the Nairobi-based firm a first-time national scale long-term debt rating of BBB+(KE) and a national scale short-term debt rating of A2(KE). The firm also scored a commercial paper rating of A2(KE). The GCR said the ratings are valid for one year.
ASL makes stainless steel products, heavy fabrication, wire and cables with an experience of 70 years. The firm recently ventured into chemical trading business.
“ASL’s sales are conducted through a wide network of dealers and distributors, as well as through showrooms and warehouses across major cities. “In addition, it benefits from shared services and business relationships across the broader Ramco group of companies. The synergies that are derived from the different divisions are core strength of ASL,” said the GCR.
ASL is a flagship firm of Ramco Group, which comprises 40 companies based in East Africa with a diverse portfolio of print, hardware, office supplies, industry and services.
The GCR said ASL is also well positioned to benefit from the strong growth in the Kenyan economy, particularly the increased investment in the housing sector.
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