Fitch affirms Singer (Sri Lanka)

Fitch Ratings said it affirmed Singer (Sri Lanka) plc's national long-term rating at A-(lka) with a stable outlook.

The agency also affirmed the national rating on Singer's outstanding senior unsecured debentures at A-(lka).

Fitch said the affirmation reflects a view that the company’s net leverage will improve and remain below the negative trigger of 5.5 times over the medium term after it deteriorated to 5.5 times by end-2017 from 4.3 times in 2016 amid a weak operating environment.

“We expect the improvement in its leverage to be supported by a recovery in sales volumes,” the agency said in a news release.

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