Fitch affirms IRB Infrastructure Developers

Fitch Ratings said it affirmed IRB Infrastructure Developers Ltd.'s national long-term rating at A-(ind), along with its Rs. 7.5 billion non fund-based limits at A-(ind)/F1(ind). The agency also said it assigned A-(ind)/F1(ind) ratings to its Rs. 6.5 billion term loans and an A-(ind) rating to its Rs. 1.85 billion fund-based limits.

The outlook is stable.

The ratings reflect the company's strong cash flow generation capability with 10 operational build, own, and transfer projects as well as its 1five-year long track record, Fitch said.

The factors constraining the ratings include the underperformance of the company's two key projects - IDAA Infrastructure Pvt. Ltd. and IRB Surat-Dahisar Tollway Pvt. Ltd., the agency said.

Another constraining factor is the its large capital expenditure expected for six new projects, Fitch added.

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