Fitch rates Phillips Carbon Black loans A(ind)

Fitch Ratings said it assigned a national long-term issuer rating of A(ind) to Phillips Carbon Black Ltd., along with a national long-term rating of A(ind) on existing long-term bank loans of Rs.1469.7, national long-term rating of A(ind) on fund-based working capital banking lines of Rs.1450 million and national short-term rating of F1(ind) on non fund-based working capital banking lines of Rs.4280 million.

The outlook is stable.

The ratings reflect its existing profitable operations and dominant position as the leading carbon black manufacturer in the country, Fitch said. The ratings also gather strength from strong volume growth in the carbon black business, the agency added.

The ratings are constrained by the commoditized nature of its product, which exposes it to major price fluctuations in tune with global carbon black feedstock prices, Fitch said.

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