Fitch rates Puravankara Projects debt A-(ind)

Fitch Ratings said it assigned a national long-term rating of A-(ind) to Puravankara Projects Ltd.'s Rs. 5,000 million long-term debt program. Fitch also said it affirmed the national short-term rating of F1(ind) for its short-term debt program of Rs.750 million (reduced from the original short term debt program size of Rs. 1,500 million).

The outlook is stable.

The ratings factor in its reputation as a developer in the residential property market in South India, its established brand and track record in project implementation, Fitch said.

The rating is strengthened by continued healthy profit margins that the company has registered over the last four years, the agency added, and the reduced post-initial public offering financial leverage.

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