Fitch Ratings Lanka last week affirmed the 'A-(lka)' National Long-term debt rating on Singer (Sri Lanka) PLC's (Singer) proposed notes following an increase in the issue amount to Rs 1 billion from Rs 600 million.
Singer's management upsized the issue given the increase in demand for the notes. The issue proceeds will be used to replace short-term debt, Fitch said.
It said the company's consolidated total debt amounted to Rs 5.92 billion at end-December 2009, of which Rs 2.76 billion comprised of short-term debt, Rs 1.46 billion deposits of its fully-owned subsidiary, Singer Finance Limited ('BBB(lka)'/Stable), an Rs 1.7 billion debentures and long-term debt (of which 70% is due within a year). |
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