Fitch affirms ISMT

Fitch Ratings said it affirmed ISMT Ltd.'s national long-term rating at A(ind), along with its Rs. 8.77 billion long-term loans, enhanced from Rs. 7.5 billion, at A(ind); Rs. 4 billion fund-based limits at A(ind)/F1(ind); and Rs. 6.8 billion non-fund based limits, enhanced from Rs. 5.95 billion, at F1(ind).

The outlook remains negative.

The negative outlook continues to reflect ISMT's high leverage due to delays in completion and stabilization of certain modules of the company's Rs. 6.5 billion capital expenditure program, Fitch said.

The company is expecting to complete the capital expenditure project during the fourth quarter of 2011, the agency said.

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