Fitch cuts Singer Finance

Fitch Ratings said it downgraded Singer Finance (Lanka) plc’s national long-term and senior unsecured debt ratings to BBB+(lka) from A-(lka). The rating remains on rating watch negative. The agency also cut the outstanding subordinated unsecured debentures to BBB-(lka) from BBB(lka). The RWN has also been maintained on SFL's debt ratings.

“The downgrade of SFL's national long-term rating stems from our view that a probable default on the sovereign's local currency obligations increases credit and funding or liquidity stresses for the financial sector, including SFL. This, together with the tight liquidity at its parent, Singer (Sri Lanka) plc (Singer, A+(lka)/negative), weighs on the parent's ability to extend extraordinary support to the finance company in a timely manner,” Fitch said in a press release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.