Fitch rates Patel Integrated BB+(ind)

Fitch Ratings said it assigned Patel Integrated Logistics Ltd. a BB+(ind) national long-term rating, along with BB+(ind) ratings to its long-term bank loans of Rs. 7.5 million, to its cash credit limits of Rs. 239 million and to its Rs. 52 million financial lease obligations, as well as an F4(ind) rating to its Rs. 155 million non-fund based limits.

The outlook is stable.

The rating reflects the company's long track record, its diversified revenue streams and market leadership in its courier consolidation business, Fitch said.

The ratings are constrained by thin EBITDA margins due to high competition from the unorganized segment and low utilization levels across the logistics sector, the agency said.

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