Fitch rates REI Agro bond B+

Fitch Ratings said it assigned a long-term issuer default rating of B+ to REI Agro Ltd., along with an expected B+ rating to its proposed senior unsecured guaranteed senior unsecured bond.

The outlook is positive.

The bonds are proposed to be issued by REI's subsidiary, Ammalay Commoditiess JLT, and are backed by an unconditional and irrevocable guarantee by REI.

The ratings reflect the company's leading market position and integrated business model in the basmati rice industry, which is supported by its well-known brand and a strong distribution network in India, Fitch said.

The company also has a presence in the key export markets of Middle East and has established a distribution network through Ammalay to support its branded rice sales, the agency said.

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