Fitch gives Variegate BBB-(ind)

Fitch Ratings said it has assigned Variegate Projects Private Ltd. a national long-term rating of BBB-(ind).

Fitch said it has also assigned ratings of BBB-(ind)/F3(ind) to the company's fund based working capital limits of Rs. 200 million and non-fund based limits of Rs. 640 million.

The outlook is stable.

The ratings reflect Variegate's track record of consistent growth over the past three years and its transition from being a sub-contractor to larger construction companies, such as IVRCL Infrastructures & Projects Ltd. (AA-(ind)/stable) and Vijai Electricals Ltd., to being a direct contractor for power transmission and distribution utilities projects, the agency added.

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