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03 July, 2014 08:32 AM Source: Lanka Business Online - LBO
singer srilanka.jpg

July 02, 2014 (LBO) - Fitch Ratings said it had given an 'A-(lka)' expected rating to a planned Singer (Sri Lanka) debenture issue of up to 1.5 billion rupees.

The senior unsecured debentures are rated the same as Singer (Sri Lanka) Plc.
Fitch said the 3-year fixed rate debenture proceeds will be used to refinance a 10 million US dollar floating rate loan falling due in July 2014.

The full statement is reproduced below:-

Fitch Rates Singer's Debentures 'A-(lka)(EXP)'

Fitch Ratings-Colombo/Sydney-02 July 2014: Fitch Ratings has assigned Singer (Sri Lanka) PLC's proposed senior unsecured redeemable debenture issue of up to LKR1.5bn an expected National Long-Term Rating of 'A-(lka)(EXP)'.

The debentures are rated at the same level as Singer's National Long-Term Rating of 'A-(lka)' because they represent senior unsecured obligations of the company and would rank equally with the company's other senior unsecured debt. The final rating is contingent on the receipt of final transaction documents conforming to information already received.

The debenture is to be issued at a fixed rate with a tenor of three years. Singer plans to use the proceeds from the issue to refinance the USD10m loan falling due in July 2014, and minimise its exposure to short-term floating rate funding.

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