Fitch rates Sah Petroleums loan A-(ind)

Fitch Ratings said it assigned Sah Petroleums Ltd. an A-(ind) national long-term rating, along with an A-(ind)/F1(ind) to the company's Rs. 47.5 million interchangeable working capital facility and F1(ind) to its non-fund based limits of Rs. 1.25 billion.

The outlook is stable.

The ratings incorporate its long operating track record, diversified product lines, growing market and conservative financial policies, Fitch said.

The ratings also reflect the company's comfortable debt protection measures, with peak net debt-to-EBITDA ratio reaching 1.4x in 2006, the agency said. The ratings also factor in the company's strong distribution network and relationships with its customers, Fitch said.

Rating constraints include the small size and scale of operations, as well as its comparatively small share of the domestic lubricant market, the agency said.

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