Extended Coverage

FRL said the rating is for Singer
quote s Rs. 300 mn unsecured redeemable debenture programme commencing 2002-5.rn

rnLast Wednesday, Singer said it was raising Rs. 300 mn via a three-year debenture to retire high costs of short-term debt.rn

rnSL A rating denotes a low expectation of credit risk. The capacity for timely payment of financial commitments is considered strong. rn

rnldblquote This capacity may, nevertheless, be more vulnerable to changes in circumstances or in economic conditions than is the case for higher ratings,
dblquote Fitch said in a release Tuesday.rn

rnThe rating is based on Singer
quote s leading market position in its key product lines (i.e. sewing machines, refrigerators and televisions), strong islandwide distribution network and its ability to provide in-house customer financing facilities maintaining low arrearage levels. rn

rnThe rating also benefits from monthly cash flows of Rs. 300 to Rs. 400mn.rnSinger Sri Lanka
quote s parent company, which emerged from Chapter 11 p