Fitch affirms IVRCL

Fitch Ratings said it affirmed IVRCL Infrastructure & Projects Ltd.'s national long-term rating, Rs. 14 billion fund-based limits, Rs. 36 billion long-term non-fund-based limits, Rs. 1.34 billion long-term loans and Rs. 3.2 billion non-convertible debenture program at A+(ind) and its short-term rating, Rs. 11.06 billion non-fund-based limits and Rs. 7.5 billion commercial paper program at F1+(ind).

The outlook is stable.

The agency said IVRCL's ratings continue to reflect its strong competitive market position, long operating track record and presence in the infrastructure sector, which is likely to display strong continued growth.

The ratings also continue to reflect Fitch's concerns about the potential increase in IVRCL's financial leverage based on its plan to undertake six additional BOOT projects at a total cost of Rs. 77.8 billion with an equity contribution requirement of Rs. 10.1 billion over the next three years.

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