Fitch boosts Singer Finance

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 reflects the increased level of support available from its parent, Singer Sri Lanka plc, which has A-(lka) ratings and a stable view, due to its improved liquidity position and credit metrics, Fitch said.

The agency also said additional support is likely because of the company's increased strategic importance to Singer Sri Lanka.

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