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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Singer’s working capital will not deteriorate : Fitch

Singer’s working capital will not deteriorate : Fitch

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
Singer Sri Lanka uses a short-term facility worth Rs. 5 billion to service its working capital requirements, according to ratings agency Fitch. Further, the ratings agency also opined that “it does not expect its working capital dynamics to deteriorate materially in the near term given Singer’s strong market position and strong bargaining power with its suppliers and distributors”.

This was revealed as a part of the ratings agency’s recent announcement that it had assigned a National Long-term rating of “A(lka)”, with a “Stable” outlook, to three-year senior unsecured redeemable debentures proposed by Singer. In addition, it was further indicated that the rating “reflects the company’s multi-brand product portfolio that is diversified across price points and its well managed financing operations. Also, Singer has good access to credit from local banks, and regularly accesses capital markets to raise debt which has broadened its funding avenues… Singer expects to utilise part of the issue proceeds to repay maturing debentures, while the remainder will help restructure its balance sheet by lengthening the maturity profile of its debt”.

At the same time, Fitch has noted that Singer had unutilised, but approved, bank lines of Rs. 2.1 billion covering term-debt due within a year of Rs. 610 million, as well Rs. 362 million in cash reserves.
http://www.sundaytimes.lk/120902/business-times/singers-working-capital-will-not-deteriorate-fitch-10216.html

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