Fitch affirms Singer (Sri Lanka)

Fitch Ratings said it affirmed the A-(lka) national long-term debt rating on Singer (Sri Lanka) plc's proposed notes following an increase in the issue amount to LKR 1 billion from LKR 600 million. The agency also said it affirmed the ratings on Singer's outstanding senior unsecured notes at A-(lka).

The outlook is stable.

Singer's management upsized the issue given the increase in demand for the notes, Fitch said. The proceeds will be used to replace short-term debt.

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