Fitch gives India Glycols A(ind)

Fitch Ratings said it assigned a national long-term issuer rating of A(ind) to India Glycols Ltd. with a stable outlook.

In addition, Fitch said it has also assigned the following ratings to India Glycols' bank loans: existing long-term bank loans aggregating Rs. 3.375 billion at national long-term rating of A(ind); non-fund-based working capital banking lines of Rs. 1 billion at national short-term rating of F1(ind); and fund-based working capital banking lines aggregating Rs. 2.25 billion at national long-term rating of A(ind) and national short-term rating of F1(ind).

The agency said that the ratings reflect India Glycols' established position in the Indian market as a producer of Mono Ethylene Glycol and Ethylene Oxide Derivatives, as well as the improvement in its financial leverage in FY08.

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