Fitch rates Singer debt A-(lka)

Fitch Ratings said it assigned an A-(lka) national long-term rating to Singer plc's proposed LKR 600 million senior unsecured debenture issue. The agency also affirmed the ratings on Singer's outstanding senior unsecured notes at A-(lka).

The outlook is stable.

Proceeds from the issue would be used to refinance its existing short term debt, the agency said.

Singer's adjusted net debt-to-EBITDAR ratio improved to 4.2x in the nine months that ended in September on the back of a reduction in working capital coupled with Singer's cost curtailment measures, the agency said.

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