Fitch rates Minda Capital loans BB(ind)

Fitch Ratings said it assigned Minda Capital Ltd. a national long-term rating of BB(ind), as well as a BB(ind) rating to its existing term loans of Rs.252.7 million.

The outlook is stable.

The ratings reflect the stability of revenues offered by the company's lease and royalty agreements with the Ashok Minda Group, high operating and net margins and occasional financial support provided by its promoters, Fitch said.

Rating constraints include the limited scale and size of Minda Capital's revenues, high leverage over the past few years and the limited dividend-paying track record of investee companies, the agency said.

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