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Fitch affirms Petronet
Fitch Ratings said it affirmed Petronet LNG Ltd.'s national long-term rating at AA(ind) and its national short-term rating at F1+(ind).
The outlook is stable.
The ratings derive strength from its "assured-quantity supply" contract and its back-to-back sales agreements with its key customers, Indian Oil Corp., Bharat Petroleum Corp. and Gas Authority of India Ltd., Fitch said.
The company's well-structured sales and purchase agreements with its suppliers and customers ensure stable cash flows over the contractual period, the agency said.
Key ratings concerns include the risk of time and cost overruns in setting up a proposed terminal in Kochi, Kerala, Fitch said, and a likely increase in the company's financial leverage in 2011 and 2012 due to the planned capital expenditure.
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