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29 November, 2013 08:53 AM Source:
Fitch Ratings.jpg

Sri Lanka based Singer Finance PLC’s rating has been affirmed at  ’BBB+(lka)’ by Fitch Ratings Lanka.

The outlook of the firm is stable.

The agency has also affirmed SFL’s senior debentures at ‘BBB+(lka)’.

Below is the full rating release issued by Fitch
Fitch Ratings-Colombo/Hong Kong-28 November 2013: Fitch Ratings Lanka has affirmed Singer Finance (Lanka) PLC’s (SFL) National Long-Term Rating at ‘BBB+(lka)’. The Outlook is Stable. The agency has also affirmed SFL’s senior debentures at ‘BBB+(lka)’.

SFL is rated two notches below its 80.4% parent, Singer (Sri Lanka) PLC (Singer; A(lka)/Stable) because Fitch classifies SFL as being of strategic importance to Singer. Apart from Singer’s majority ownership in SFL, the two also share a common brand. In addition, Singer officials hold four of SFL’s eight board seats. The existence of common creditors contributes to high reputational risk for Singer if SFL defaults. More...

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