Fitch affirms Polycab Wires

Fitch Ratings said it affirmed Polycab Wires Pvt Ltd.'s national long-term rating at A+(ind) and removed it from Rating Watch negative. Fitch also said it resolved the negative watch on its Rs. 500 million commercial paper program rating of F1(ind). It affirmed its Rs. 500 million cash credit lines at A+(ind), Rs. 5.1 billion fund-based working capital limit at A+(ind)/F1(ind) and Rs. 9.14 billion non fund-based facilities at F1(ind).

The outlook is stable.

The removal of the watch follows receipt of clarity from the company concerning its outstanding foreign-exchange derivative contracts, the agency said.

The affirmation reflects the company's improved credit profile, along with the stabilization of the economic cycle, which has helped reduce pressure on its working capital cycle, Fitch said.

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