Fitch rates Suresh Angadi loan B(ind)

Fitch Ratings said it assigned an expected rating of B(ind) to Suresh Angadi Education Foundation's proposed long-term loan of Rs. 100 million.

The outlook is stable.

The ratings factor in the short track record of Angadi Institute of Technology and Management, the educational institute sponsored by the trust and the fact that the capital expenditure project for setting up the institute's infrastructure is still in the implementation stage, with full completion expected by March 2011, Fitch said.

The ratings are constrained by the highly stretched projected levels of credit metrics such as debt/operating surplus and interest cover during the initial years of operation of 2010 and 2011, the agency said.

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