Fitch rates Pandi Devi B+(ind)

Fitch Ratings said it has assigned Pandi Devi Oil Private Ltd. a national long-term rating of Fitch B+(ind).

The outlook is stable.

The ratings reflect the present unfavorable business environment for the domestic palm oil refiners, the agency said, adding that the import of refined palm oil in India has become more viable than the import of crude palm oil, as the Indonesian government has revised the export duty structure on palm oil in favor of Indonesian refiners from September 2011.

The ratings are constrained by Pandi Devi's vulnerability to volatile currency fluctuations, lack of control over its imported supplies and the absence of branded products in its portfolio, Fitch noted.

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