Singer (Sri Lanka) rating raised to AA (LKA)

Singer Sri Lanka’s National Long-Term Rating was elevated to AA (lka) following a recalibration by Fitch Ratings of its Sri Lankan National Rating scale.

According to Fitch Ratings this rating affirmation, has been revised to 'AA (lka)' from 'BBB+(lka)'. The outlook for this credit rating is stable.

“Singer Sri Lanka has continued to showcase robust financial results and a strong turnaround during the last few quarters, despite challenging pressures due to the effects of the COVID-19 pandemic,” the company said in a media release.

“The group’s strong comeback bears testament to its proactive strategic initiatives adopted to boost sales, and its drive to improve profitability under difficult market conditions mainly caused by the COVID-19 pandemic. Solid results during the last few quarter is also due to the process efficiencies and cost rationalisation implemented in recent months supported by a resilient demand for the group’s information technology products,” it said.

Fitch Rating’s recalibration of the Sri Lankan National Rating scale has also resulted in the revision of National Long-Term Ratings for financial institutions

“Singer Finance (Lanka) received a revised rating of A+ (lka)'/Stable. This rating demonstrates Singer Finance’s creditworthiness relative to other issuers in the country and demonstrates Singer’s strategic leadership and ability to support its subsidiary,” the release said.