Fitch rates Everonn loans A-(ind)

Fitch Ratings said it assigned Everonn Systems India Ltd. a national long-term rating of A-(ind), along with A-(ind) ratings to its long-term bank loans of Rs. 1.03 billion (including Rs. 700 million proposed) and its fund-based working capital limits of Rs. 405.8 million, as well as an F1(ind) rating to its non fund-based working capital limits of Rs. 803.08 million.

The outlook is stable.

The ratings reflect its successful track record in its key business segments of computer training in government schools and satellite-based teaching for private schools and colleges, Fitch said.

The ratings also factor in the strong growth potential of the Indian education sector, along with Everonn's experience in providing computer training for government schools and the edge provided by its curriculum based educational content in the distance education segment, the agency said.

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