📈 Fitch Assigns AA+(lka) Rating to Aitken Spence Hotel Holdings

Fitch Ratings has assigned a first-time National Long-Term Rating of AA+(lka) with a Stable Outlook to Aitken Spence Hotel Holdings PLC, supported by strong parent backing. • Parental Support: The rating reflects high strategic and operational incentives from parent Aitken Spence PLC. The subsidiary contributes ~65% of the parent group's EBITDA and over 50% of its assets. • Portfolio & Financials: • Manages 15 owned and 4 managed properties (2,600+ rooms) across Sri Lanka, Maldives, India, and Oman. • Expected EBITDA growth of 10% CAGR (FY26–FY29) with margins averaging 25%. • Proposed senior unsecured debentures of Rs. 5 Bn rated at AA(lka). • Regional Drivers: • The Maldives remains the primary driver, accounting for 70% of company EBITDA. • Growth is fueled by recovering tourism demand from China and Russia. • Risk Factors: • High exposure to Maldivian economic risks and potential currency regulation tightening. • Mismatch between Maldivian earnings and Sri Lankan bank debt. • Liquidity: Strong cash position with Rs. 10 Bn at the subsidiary level and Rs. 43 Bn at the group level as of FY25. Leverage remains moderate with EBITDAR net leverage forecast at 2.5x by FY26.