Unique Engineering gets BBB+ rating
TRIS Rating has given Unique Engineering and Construction Plc (UNIQ) a “BBB+” rating, and has given the company’s senior unsecured debentures a “BBB”.
The issue was rated one notch below the company, to reflect UNIQ’s secured debt to total assets ratio exceeding 20 per cent – a threshold under TRIS Rating’s criteria.
The ratings reflect UNIQ’s enhanced competitiveness, hefty backlog and solid profitability. However, these strengths are offset by the company’s heavy business concentration, rise in financial leverage as well as the cyclicality of and stiff competition in the engineering and construction industry.
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