Singer (Sri Lanka) raised to AA (lka) | Daily News

Singer (Sri Lanka) 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 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 quarters 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 Organization Category at the recently concluded ‘Restart Resilience Awards 2020’ organised by the Sri Lanka Institute of Marketing (SLIM).

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.