Fitch rates Ivrcl's CP program F1+(ind)

Fitch Ratings said it has assigned an F1+(ind)(CP) national short-term rating to the Rs. 400 million commercial paper program of Ivrcl Infrastructures & Projects Ltd.

The rating considers Ivrcl's favorable liquidity position after two successive equity issuances, comfortable debt protection measures, the company's ability to expand its working capital lines with banks and the fact that the commercial paper program will be carved out of working capital limits, Fitch said.

Fitch said it also factored in concerns that the industry is characterized by low margins and the continued need to access increasing levels of working capital to support rapid growth.

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