Fitch rates Puravankara Projects debt F1

Fitch Ratings said it assigned a national rating of F1(ind) to Puravankara Projects Ltd.'s Rs.1500 million short-term debt program.

The rating reflects the company's reputation as a developer in, as well as its understanding of, the Bangalore residential property market, which has been the biggest beneficiary of India's IT boom. The company also has a strong financial profile, supported by rising real estate prices over the last two years, Fitch said.

Key risks to the rating include the nature of the industry, which is subject to delays or a sharp drop in real estate prices that could impact cash flows, the agency said. The company also has an aggressive growth plan, the agency said.

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