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Fitch rates Sterling Tools loans BBB+
Fitch Ratings said it assigned Sterling Tools Ltd. a national long-term rating of BBB+(ind), along with a BBB+(ind) rating to its term loans of Rs. 268.8 million, BBB+(ind)/F2+(ind) ratings to its fund-based working capital limits amounting to Rs. 420 million and BBB+(ind)/F2+(ind) ratings to non fund-based working capital limits amounting to Rs. 157.5 million.
The outlook is stable.
The ratings consider the company's ability to post healthy EBIDTA margins consistently in the last five years, well-diversified revenue stream across the automobile industry and limited concentration risk on any single customer, the agency said.
The ratings are limited by its small size of operations, current downturn in the automobile sector and high working capital cycle, Fitch said.
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