Fitch affirms Fateh Chand

Fitch Ratings said it affirmed Fateh Chand Charitable Trust's national long-term rating at BB+(ind), along with its Rs. 351.8 million term loan limits, reduced from Rs. 420 million, at BB+(ind) and Rs. 105 million non-fund based bank limits at F4(ind).

The outlook is stable.

The ratings continue to reflect the stable nature of revenues from the trust's medical college and hospital, demand-supply gap for the physicians and medical staff in the country and high operating margins and moderate net leverage levels, the agency said.

The ratings also draw comfort from the good infrastructure at the college, as well as from the quality and experience of the faculty members, Fitch said.

The ratings are constrained by the limited track record and small size of operations for the college and hospital, the agency said, coupled with the regulatory risks associated with the medical education in the country.

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