Fitch rates Idea International B-(ind)

Fitch Ratings said it assigned a B-(ind) national long-term rating to Idea International Pte. Ltd., a B-(ind) rating to its Rs. 40 million cash credit limits and F4(ind) ratings to its Rs. 75 million non-fund-based bank limits and Rs. 45 million packing credit limits.

The outlook is stable.

The agency said the ratings are primarily constrained by the high degree of volatility in commodity prices, relatively thin operating margins and increased competition due to low barriers of entry.

The ratings are supported by Idea's good operational track record and the long-standing relationships it has with its customers and suppliers, Fitch said.

The annualized debt-to-EBITDA ratio was 12.6 times for the most recent financial year.

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