Fitch rates Singer Sri Lanka notes A-(lka)

Fitch Ratings said it assigned a final national long-term rating of A-(lka) to Singer Sri Lanka plc’s proposed senior debentures of up to 2 billion in Sri Lankan rupee.

The final rating is the same as the expected rating assigned in December, Fitch said.

The issue will have a tenor of three years with a mix of fixed- and floating-coupon payments, the agency said.

The proceeds will be used to refinance existing debt, restructure short-term debt and for working capital requirements, Fitch said.

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 rank equally with the company's other senior unsecured debt, the agency said.

The company’s position as a leading consumer durables retailer is supported by its extensive distribution network, multi-brand strategy and robust after-sales service, Fitch said.

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