Singer says confident of meeting re-finance needs

Financial Times

Singer says confident of meeting re-finance needs

Singer (Sri Lanka) PLC said on Tuesday it was confident of meeting its refinancing needs in the short term.

Responding to a Fitch Ratings statement where the rating agency has downgraded the consumer products firm, Singer said – in a statement to the Colombo Stock Exchange - it has ‘already taken necessary measures to strengthen its credit metrics in the coming six months by slashing inventories, reducing unproductive headcount and improving of gross margins and drastically reducing fixed (period) expenses’.

Fitch Ratings on March 20 said it has downgraded Singer (Sri Lanka) PLC's (Singer) National Long term rating and the rating on its senior unsecured notes to "A-(lka)" from "A+(lka)". The ratings have been placed on Rating Watch Negative (RWN).

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