Fitch affirms HEG

Fitch Ratings said it affirmed HEG Ltd.'s Rs.300 million non-convertible debenture program and its Rs.400 million non-convertible debenture program at AA-(ind), along with its national issuer rating at AA-(ind).

The outlook is stable.

This follows favorable first quarter 2008 and fiscal year 2007 results followed by the sale of HEG's steel business, which was a drag on the company's profitability, Fitch said.

The amount of Rs.885 million, to be generated by fixed asset sale, together with the expected realization of Rs.300 million from the sale of current assets is intended to be utilized for retirement of debt. The sale will strengthen the credit profile of HEG, improve profitability ratios and will make it a more focused player in the graphite electrode industry, the agency said.

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