Fitch rates Financial Technologies F1(ind)

Fitch Ratings said it assigned a F1(ind) rating to the proposed Rs.3,000 million commercial paper/short-term debt program of Financial Technologies India Ltd. The instrument will not be backed by working capital limits.

The rating reflects the company's dominant position in the transaction automation market and strong customer base of over 750 brokerages and about 164,000 operating trading terminals across India, Fitch said.

The rating also factors in its strong operating and positive free cash flows, with EBITDA margins of 62% in fiscal year 2006, the agency said. It is supported by the strong working results and growth prospects of the Multi Commodity Exchange of India - India's largest commodity futures exchange, Fitch said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.