Fitch affirms Singer Finance

Fitch Ratings said it affirmed the national long-term rating of Singer Finance (Lanka) Ltd. at BBB (lka).

The outlook is stable.

The principal factor taken into consideration is the implied support assumed to be available from its parent, Singer Ltd., rated senior unsecured notes rated A+(lka) with negative outlook.

Singer is the country's largest retailer of consumer electronics and household appliances in terms of revenues and points of presence, Fitch said. It is a wholly-owned subsidiary of Singer, the agency said, and benefit from the usage of a common brand name with its parent.

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