Ramco, a privately-owned group comprising 40 companies operating in East Africa, last year had an annual turnover exceeding $265 million (Sh27.2 billion).
The group is involved in printing, hardware, office supplies, and services, real estate development and manufacturing.
GCR said ASL Credit management maintains flexibility in funding by ensuring availability of committed credit lines.
ASL Credit Ltd, which is part of Ramco Group, has been accorded a stable outlook rating on satisfactory liquidity, by South African GCR.
The agency assigned the firm, which offers hire purchase financial services, an initial national scale rating of BBB-(KE) and A3(KE) in the long and short term respectively.
It was also concurrently accorded a commercial paper rating of A3(KE). The ratings are valid until June next year.
“The ratings of ASL Credit reflects its established and streamlined business model (offering hire purchase finance for new/used vehicles and industrial machinery to businesses and individuals), sound asset quality, modest capitalisation, as well as acceptable liquidity and returns,” said GCR.
Ramco, a privately-owned group comprising 40 companies operating in East Africa, last year had an annual turnover exceeding $265 million (Sh27.2 billion).
The group is involved in printing, hardware, office supplies, and services, real estate development and manufacturing.
GCR said ASL Credit management maintains flexibility in funding by ensuring availability of committed credit lines.
“In 2016, ASL Credit was in a manageable liquidity position with Sh1.8 billion of unutilised but committed and available credit lines and about Sh3.8 million of unrestricted cash available to meet Sh2.9 billion of debt maturing in the next 12 months,” said GCR.
GCR said the majority of the firm’s short-term debt (bank facilities) is revolving, while its liquidity position is also supported by Sh3 billion outstanding receivable in the next 12 months.
