Fitch affirms English Indian Clays

Fitch Ratings said it affirmed English Indian Clays Ltd.'s national long-term rating at A(ind), along with the A(ind) rating on its existing long-term bank loans aggregating Rs.837.7 million (enhanced from Rs.791.7 million), an A(ind)/F1(ind) rating on its non-fund based working capital banking lines of Rs.100 million and an A(ind)/F1(ind) rating on its fund-based working capital banking lines aggregating Rs.375 million.

The outlook is stable.

The company is the largest player in the domestic clay market, Fitch said, and its ratings benefit from its strong market position, diversified, yet strong customer relationships and secure, easy access to key raw materials.

Rating concerns include the company's moderate market position and small scale in the starch business, the agency said.

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