Fitch assigns Singer Finance’s Rs.1.5bn listed debt ‘BBB(lka)’

Fitch Ratings has assigned Singer Finance (Lanka) PLC’s (SFL) proposed senior secured redeemable debentures of up to Rs.1.5 billion a final National Long-Term Rating of ‘BBB(lka)’. The issue will have two tranches that have bullet principal repayments in the third and fourth years. The debentures carry a fixed-rate coupon paid semi-annually and they will be listed on Colombo Stock Exchange. SFL expects to use the proceeds to fund lending growth, lengthen maturities of its liabilities and reduce structural maturity mismatches