Fitch affirms Rashtriya Ispat

Fitch Ratings said it affirmed Rashtriya Ispat & Nigam Ltd.'s national long-term rating at AA(ind), along with its Rs. 5.9 billion fund-based working capital limits at AA(ind)/F1+(ind), Rs. 2.08 trillion non fund-based working capital limits at F1+(ind) and Rs. 30 billion non-fund based facilities at AA(ind).

The outlook is stable.

The ratings continue to reflect the company's position as one of the largest producers of long product steel in India, favorable demand outlook for its products and a healthy balance sheet with significant cash balances, Fitch said.

The company is wholly owned by the government of India, and the agency said it draws comfort from the demonstrated financial support.

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