Fitch assigns A+ (sri) for Rs. 300mn debentures of Singer

Fitch Ratings Lanka Ltd (FRL) has assigned A+ (sri) for Singer Sri Lanka's (SSL) proposed Rs. 300mn 2005/2009 debentures.

The agency also upgraded ratings assigned to SSL's existing LKR204mn 2004/2008, LKR250mn 2004/2008 and LKR300mn 2002/2005 unsecured debentures to A+ (sri) [from A (sri)]. The rating outlook is stable.

A+ (sri) ratings denote a low expectation of credit risk. The capacity for timely payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to changes in circumstances or in economic conditions than is the case for higher ratings.

The proposed debenture will be utilised to fund the growing hire-purchase portfolio of Singer.