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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Fitch rates Singer Finance's Senior Debt Final 'BBB(lka)'

Fitch rates Singer Finance's Senior Debt Final 'BBB(lka)'

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Melissa Pereira


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Fitch Ratings has yesterday assigned Singer Finance (Lanka) PLC's (SFL; BBB(lka)/Stable) senior secured debt a final National Long-Term Rating of 'BBB(lka)'. The final rating is at the same level as the expected rating assigned on 18 February 2015.

On 21 May 2015, SFL signed the trust deed to issue up to LKR1.5bn of senior secured debentures. The proposed issuance will have a maturity of five years with bullet principal repayment at maturity. Coupon payments will be at a fixed rate, and paid annually. SFL expects to use the proceeds to fund lending growth, lengthen maturities of its liabilities, and reduce structural maturity mismatches. The debentures are to be listed on the Colombo Stock Exchange.

The issue has been rated at the same level as SFL's National Long-Term Rating.
Fitch has not provided any rating uplift for the collateralisation as the secured notes' recovery prospects are considered to be average and comparable with those of unsecured notes in a developing legal system. 

Courtesy: daily New 27 May 2015

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