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Fitch rates Global Green loan BBB(ind)
Fitch Ratings said it assigned Global Green Co. Ltd. a BBB(ind) national long-term rating, along with a BBB(ind)/F3(ind) rating on its fund-based sanctioned limits of Rs. 525 million, BBB(ind)/F3(ind) rating on its non-fund based sanctioned limits of Rs. 160 million, BBB(ind)/F3(ind) rating on its treasury limits of Rs. 280 million and BBB(ind) rating on its outstanding term loan of Rs. 186.32 million.
The outlook is stable.
The ratings reflect Global Green's market position as the largest exporter of processed gherkins from India, Fitch said, and its established relationships with its customers in the export markets of the United States and Europe.
The ratings are constrained by Global Green's low levels of profitability with historical EBIDTAR margins at less than 10% and profit-after-tax margins at less than 3% between 2005 and 2009, the agency said.
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