Fitch affirms Ivrcl Infrastructures

Fitch Ratings said it affirmed Ivrcl Infrastructures & Projects Ltd.'s commercial paper program at national short-term F1+(ind), following an increase in the program's size to Rs.3 billion from Rs.2 billion.

The rating factors in the company's demonstrated track record in the construction/infrastructure business and proven expertise and sound execution capabilities in the water supply and environmental segments, Fitch said.

The rating also factors in the company's robust unexecuted order book position of Rs.81 billion, the agency said. Fitch said it expects profit margins to remain fairly stable over the next two years.

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