Fitch cuts Era Infra Engineering debt to F2+(ind)

Fitch Ratings said it downgraded the rating of Era Infra Engineering Ltd.'s Rs.500 million commercial paper program and Rs.500 million short-term debt program to F2+(ind) from F1(ind).

The downgrade reflects the sustained weak financial profile of the company on account of its high financial leverage, Fitch said. The company has substantial short-term and long-term debt, which exposes it to refinancing risk, the agency said.

The ratings also consider its expanding operations, strong order book position and high profitability, Fitch added.

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