Fitch rates Essar Steel F1(ind)

Fitch rating said it assigned Essar Steel Ltd.'s Rs.5 billion commercial paper program a short-term rating of F1(ind).

The rating factors in the company's strong business positioning as an integrated manufacturer of flat steel product in India from iron ore beneficiation to flat products, Fitch said.

The rating further reflects company's track-record of consistent growth in the past four years with operating margins in excess of 20%, the agency said.

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