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Fitch affirms NIIT
Fitch Ratings said it affirmed NIIT Ltd.'s national long-term rating at AA-(ind), along with its Rs.1 billion fund-based working capital bank lines at AA-(ind)/A1+(ind) and its Rs. 1.6 billion non-fund based working capital bank lines at AA-(ind)/A1+(ind).
The agency also said it affirmed the company's existing Rs. 500 million long-term bank loans at AA-(ind), Rs. 600 million commercial paper program at A1+(ind), Rs. 1 billion long-term debt at AA-(ind) and Rs. 400 million short-term debt at A1+(ind).
The outlook is stable.
The affirmations reflect NIIT's position as a market leader and pioneer in information technology training market, recognized brand name and its wide training network, Fitch said.
The ratings also benefit from the company's track record of a stable financial profile, the agency said.
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