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22 May, 2014 08:43 AM Source: Lanka Business Online - LBO
singer srilanka.jpg

May 22, 2014 (LBO) - Fitch Ratings has downgraded Sri Lanka's Singer Finance Lanka Plc's (SFL) rating by one level to 'BBB(lka)' with a 'stable' outlook following a cut in the rating of its parent, Singer Sri Lanka Plc.

"It reflects Singer's decreased ability to support SFL," the rating agency said. "Fitch continues to view SFL as a strategically important subsidiary to Singer and maintains a two-notch rating differential."
SFL finances customer of Singer Sri Lanka, a consumer durables retailer. The parent has supported the firm in the past.

'BBB' is an investment grade rating.

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