Fitch rates IOT Infrastructure loans AA-(ind)

Fitch Ratings said it affirmed IOT Infrastructure & Energy Services Ltd.'s national long-term rating at AA-(ind) with a stable outlook.

The agency also said it affirmed the AA-(ind) rating to its Rs. 1.367 billion outstanding long-term bank loans, AA-(ind) to its Rs. 300 million cash credit facility, F+(ind) to its Rs. 500 million short-term bank loans, F1+(ind) to its Rs. 500 million letter of credit facility, AA-(ind)/F1+(ind) to its Rs. 3.45 billion bank guarantee facilities, AA-(ind)/F1+(ind) on its Rs. 5.9 billion other working capital facilities and F1+(ind) on its Rs. 300 million short-term debt/commercial paper program.

The agency also said it assigned an AA-(ind) rating on its Rs. 596 million outstanding long-term bank loans, AA-(ind) on its Rs. 1.2 billion cash credit facility, F1+(ind) on its Rs. 500 million letter of credit facility, AA-(ind)/F1+(ind) on its Rs. 2.3 billion bank guarantee facilities and AA-(ind)/F1+(ind) on its Rs. 1.8 billion other working capital facilities.

The ratings factor in the company's strong technical expertise, robust growth and comfortable credit metrics, Fitch said.

The factors constraining the ratings include project concentration, a lengthening working capital cycle and likely margin pressures, the agency said.

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