Fitch Downgrades Singer (Sri Lanka) PLC to A(lka); Outlook Stable

Fitch Downgrades Singer (Sri Lanka) to A(lka); Outlook Stable

Fitch Ratings has downgraded Sri Lankan consumer-durable retailer Singer (Sri Lanka) PLC’s National Long-Term Rating to ‘A(lka)’ from ‘A+(lka)’. The Outlook is Stable. The downgrade reflects the sustained deterioration in Singer’s financial profile such that Fitch-forecasted EBITDAR fixed-charge cover will fall to 0.7x in the financial year ending 31 March 2024 (FY24), compared with 1.1x […]