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Fitch ups Sterling Tools
Fitch Ratings said it upgraded Sterling Tools Ltd.'s national long-term rating to A-(ind) from BBB+(ind), along with its Rs. 236.3 million long-term debt to A-(ind) from BBB+(ind), Rs. 450 million fund-based working capital limits to A-(ind) from BBB+(ind) and affirmed at F2+(ind); and Rs. 210 million non-fund based working capital limits to A-(ind) from BBB+(ind) and affirmed at F2+(ind).
The outlook is stable.
The upgrade reflects the company's consistent revenue growth and its stable EBITDA margin, Fitch said.
Its net financial leverage also has remained moderate during this period in the range of 1.8x to 3.3x in spite of a debt-led capital expenditure of Rs. 168.6 million in 2011, the agency said.
The ratings also are supported by the company's well-diversified customer base across various segments of the domestic automobile industry, Fitch said.
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