Fitch Ratings has assigned Singer Finance (Lanka) PLC's (SFL; BBB(lka)/Stable) proposed senior secured redeemable debentures of up to Rs 1.5 billion a 'BBB(lka)(EXP)' National Long-Term expected rating.
A full list of rating actions is at the end of this rating action commentary.
The issue will have three tranches with bullet principal repayments in the third, fourth and fifth years, with a fixed-rate coupon paid semi-annually. The debentures will be listed on the Colombo Stock Exchange.
SFL expects to use the proceeds to fund lending growth, lengthen maturities of its liabilities, and reduce structural maturity mismatches.
The issue has been rated at the same level as SFL's National Long-Term rating. The debenture is secured by a primary mortgage over receivables from identified lease agreements.
A full list of rating actions is at the end of this rating action commentary.
The issue will have three tranches with bullet principal repayments in the third, fourth and fifth years, with a fixed-rate coupon paid semi-annually. The debentures will be listed on the Colombo Stock Exchange.
SFL expects to use the proceeds to fund lending growth, lengthen maturities of its liabilities, and reduce structural maturity mismatches.
The issue has been rated at the same level as SFL's National Long-Term rating. The debenture is secured by a primary mortgage over receivables from identified lease agreements.
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