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Fitch Affirms Rating on Singer (Sri Lanka) Notes Following Increase in Issue
Amount
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Colombo News Desk CND on 19 March, 2010 01:40:00
 
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.
The company's consolidated total debt amounted to LKR5.92bn at end-December
2009, of which LKR2.76bn comprised of short-term debt, LKR1.46bn deposits of its
fully-owned subsidiary, Singer Finance Limited ('BBB(lka)'/Stable), and LKR1.7bn
debentures and long-term debt (of which 70% is due within a year).
Singer is Sri Lanka's largest consumer durables retailer in terms of revenue and
distribution network. It is 86%-owned by Singer Asia, which in turn is
56.8%-owned by Retail Holdings N.V.
For a detailed credit profile on Singer, please refer to Fitch's Credit Report
dated December 4, 2009.
Contacts: Shahim Zubair, Colombo, +94 11 2541 900/
shahim.zubair@fitchratings.lk; Sahan Jayasooriya, +94 11 2541 900/
sahan.jayasooriya@fitchratings.lk.