Fitch ups Singer Finance (Lanka)

Fitch Ratings said it upgraded Singer Finance (Lanka) Ltd.'s national long-term rating to BBB+(lka) from BBB(lka).

The outlook is stable.

The upgrade follows the recent upgrade of its parent, Singer Sri Lanka plc's national long-term rating to A(lka) from A-(lka), Fitch said, and reflects the increased level of support assumed to be available from the parent.

The upgrade also is driven by its improved liquidity and credit metrics, the agency said, as well as its improved competitive position and revenue potential emanating from revised tariff structures and opening of new geographical areas in the current post-war environment.

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