Fitch affirms Feegrade

Fitch Ratings said it affirmed Feegrade & Co. Pvt. Ltd.'s national long-term rating at Fitch AA-(ind).

The outlook is stable.

The affirmations continue to reflect the company's five-decade-long track record of maintaining a conservative financial profile with high cash balances of 5.87 billion rupees, a negative net debt and high interest cover of 53.0x in the financial year ended March 2011, the agency noted.

The ratings continue to be constrained by the cyclical nature of the domestic iron ore industry, Fitch added.

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