Fitch rates Deccan loans BBB-(ind)

Fitch Ratings said it assigned Deccan Fine Chemicals (India) Pvt. Ltd. a national long-term rating of BBB-(ind). The agency also said it assigned BBB-(ind)/F3(ind) ratings to Deccan's Rs. 160 million fund-based working capital limits and Rs. 160 million non-fund based limits, as well as a BBB-(ind) rating to its Rs. 738.5 million term loans.

The outlook is stable.

The ratings reflect the nascent stage of its operations, as it started its commercial production only in June 2010, Fitch said.

The ratings draw strength from Deccan's long-term manufacturing and supply agreements with all its customers, the agency said.

The ratings also are supported by Deccan promoters' technical expertise and their experience in the manufacturing of agro-chemicals, Fitch said.

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