Fitch affirms Ivrcl Infrastructures

Fitch Ratings said it affirmed Ivrcl Infrastructures & Projects Ltd.'s national long-term rating at AA-(ind), along with the F1+(ind) rating on its Rs.3.0 billion commercial paper program backed by the fund-based working capital bank limits, including an AA-(ind) on its Rs.6.50 billion working capital fund-based bank limits, A-(ind) on Rs.25.9 billion long-term working capital non fund-based limit and F1+(ind) on its Rs.5.6 billion short-term working capital non fund-based limit.

The agency also assigned an AA-(ind) rating on the company's non-convertible debenture program issue of Rs.3.2 billion and ratings to its bank loan limits, including an AA-(ind) rating on its Rs.5.25 billion working capital fund-based bank limits, AA-(ind) rating on its Rs.11.2 billion long -term working capital non fund-based limit, F1+(ind) on its Rs.2.8 billion short-term working capital non fund-based limit and AA-(ind) rating on its Rs.0.94 billion term loan.

The outlook remains stable.

The ratings reflect the company's demonstrated track record in the construction and infrastructure business, expertise and sound execution capabilities in the water supply and environmental segments and robust unexecuted order book position of Rs.134.7 billion at the end of September, Fitch said.

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