Fitch rates Magneti Marelli loans BBB-(ind)

Fitch Ratings said it assigned Magneti Marelli Motherson Auto System Ltd. a national long-term rating of BBB-(ind), along with a BBB-(ind) rating to its term loans of Rs.250 million and BBB-(ind)/F3(ind) to its fund-based working capital limits of Rs.50 million.

The outlook is stable.

The ratings factor in the established presence and the strong relationship of its sponsors, Magneti Marelli SpA and Samvardhna Motherson Finance Ltd., Fitch said.

Rating constraints stem from the limited track record of its operations, which started in September 2008, its currently small order book and anticipated low operating margins, the agency said.

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