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29 November, 2012 05:18 PM Source: CNBC
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Fitch Ratings Lanka has affirmed Singer Finance (Lanka) PLC's (SFL) National Long-Term rating at 'BBB+(lka)'. The Outlook is Stable.

SFL's rating reflects Fitch's expectation that support, would be forthcoming from the parent, Singer (Sri Lanka) PLC (SSLP; 'A(lka)'/Stable), given the strategic importance of SFL to SSLP. Strong linkages between the two entities are underlined by the sharing of the Singer brand, SSLP's majority shareholding of 80.4%, board representation, and the financing by SFLof SSLP's products.

Any changes in SSLP's ability or propensity to extend support, as reflected in a change to SSLP's rating, a material change in ownership of SFL, or a change in SFL's strategic importance to SSLP, could trigger a rating action in SFL.

SSLP expects SFL to finance a greater share of its products over the medium-term after it raised its stake in the subsidiary to 80.4% from 75% by injecting LKR582.2m of equity into SFL in 2012. Four out of SFL's eight board seats are held by current SSLP officials and directors, including the chairman of SSLP and group chief executive officer. More...

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