Fitch affirms Pantaloon Retail

Fitch Ratings said it affirmed Pantaloon Retail (India) Ltd.'s national long-term rating and its Rs. 5 billion of non-convertible debentures at Fitch A-(ind).

The outlook is stable.

The ratings reflect Pantaloon's leadership position in India's organized retail sector, management's experience, a large focus on value retail and a large size that puts it in a favorable bargaining position with various suppliers, Fitch said.

The agency said Pantaloon's ratings are constrained by its high adjusted financial leverage of 6.6x and working capital intensity, which may negatively affect overall operating cash flows.

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