Fitch: Minda SAI at BBB+(ind)

Fitch Ratings said it assigned Minda SAI Ltd. a national long-term rating of BBB+(ind).

The outlook is stable.

Fitch has equated Minda SAI's ratings to its parent company's Minda Corp. Ltd. (BBB+(ind)/stable), based on the strong strategic and legal linkages between the two entities, under the "top-down approach" described in the agency's Parent Subsidiary Rating Linkage criteria.

Fitch said Minda SAI has shown consistent operating profitability and moderate working capital requirements, leading to comfortable financial leverage at less than 2x over fiscal year 2010 to 2011. Fitch notes that the company has modest capex plans to be largely funded through its internal accruals, which would likely keep its leverage at moderate levels.

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