Fitch rates IL&FS A+(ind)

Fitch Ratings said it assigned IL&FS Education and Technology Services Ltd. a national long-term rating of A+(ind), along with an A+(ind)/F1(ind) rating on its Rs. 100 million fund-based working capital banking lines and an A+(ind)/F1(ind) rating on its Rs. 100 million non-fund-based working capital banking lines.

The outlook is stable.

The ratings reflect its diversified business model, as it provides end-to-end education and training solutions to schools, colleges, vocational training institutes, state governments and corporate sector, Fitch said.

The ratings further reflect the support of its parent company, Infrastructure Leasing & Financial Services Ltd., which directly owns 72.4% equity in IL&FS, the agency said.

The ratings are constrained by the company's moderate size of operations compared to its peers, Fitch added.

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