Fitch rates Singer Sri Lanka notes A+(lka)

Fitch Ratings said it assigned an A+(lka) national long-term rating to Singer Sri Lanka's proposed LKR800 million notes issue. The agency also said it affirmed ratings on its outstanding senior unsecured notes at A+(lka).

The outlook is negative.

Proceeds from the issue will be used to refinance about LKR600 million of loan facilities. The rest will be used for working capital.

Singer is Sri Lanka's largest retailer of consumer electronics and household appliances in terms of retailing-revenues and points of presence. It is 84%-owned by Singer Asia, which is 56.8%-owned by Singer NV.

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