Fitch cuts Jindal Photo view to negative

Fitch Ratings said it revised the outlook of Jindal Photo Ltd. to negative from stable, while affirming its national long-term rating and Rs.750 million long-term debt program at AA-(ind). The agency also said it assigned ratings of AA-(ind)/F1+(ind) to its Rs.305 million working capital fund-based limits and its Rs.1.75 billion non-fund-based limits.

The ratings continue to be underpinned by Jindal's robust financial profile with a "zero net debt" status and competitive cost structure with low capital expenditure requirements, leading to consistently positive free cash flow generation, Fitch said.

The company's strong credit profile is partially offset by the limited pricing flexibility, its susceptibility to forex movements and high exposure to its group companies, the agency said.

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