Fitch rates Singer (Sri Lanka) debentures A-(lka)

Fitch Ratings said it assigned Singer (Sri Lanka) plc's (A-(lka)/stable) proposed senior unsecured redeemable debenture issue of up to 1.5 billion in Sri Lankan rupee an expected national long-term rating of A-(lka)(EXP).

The debentures will be issued at a fixed rate with a tenor of three years.

Proceeds will be used to refinance debt.

“The proposed debenture is rated at the same level as Singer's national long-term rating, as it ranks equally with its other senior unsecured obligations,” the agency said in a news release.

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