Fitch affirms Feegrade

Fitch Ratings said it affirmed Feegrade & Co. Pvt. Ltd.'s national long-term rating at AA-(ind), Rs. 297.2 million long-term loans at AA-(ind), Rs. 500 million fund-based loans at F1+(ind) and Rs. 120 million non-fund based loans at F1+(ind).

The affirmations continue to reflect the company's long track record of maintaining a conservative financial profile with high cash balances, Fitch said, and its lack of significant debt-funded capital expenditure plans and comfortable debt protection measures.

The ratings continue to be constrained by the cyclical nature of the domestic iron ore industry and the sensitivity of the company's cash flows to iron ore price fluctuations, the agency said.

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