Singer (Sri Lanka) raised to AA (LKA) in Revised Fitch Ratings

Wednesday, 3 February 2021 00:00 - - {{hitsCtrl.values.hits}}

The undisputed market leader in consumer durables, 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 pandemic.

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.

Showcasing its strong resurgence Singer Sri Lanka received the Gold award in the Consumer Goods Large Organisation Category at the recently concluded ‘Restart Resilience Awards 2020’ organised by the Sri Lanka Institute of Marketing (SLIM). Winning this prestigious award is an affirmation of Singer’s strategic direction towards an agile and resilient company.

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.

Looking toward the future Singer Sri Lanka aims to continue to deliver strong operational performance while reaffirming its financial strength. With a firm focus on building and maintaining a sustainable and diversified business able to withstand global and local headwinds, Singer Sri Lanka is poised for strong growth momentum into 2021 and beyond.