Fitch affirms Videocon

Fitch Ratings said it affirmed the F1(ind) national short-term rating of Videocon Industries Ltd.'s commercial paper/short-term debt program following an enhancement in the program size from Rs.4,000 million to Rs.6,000 million. The issue will be over and above the company's fund-based working capital limits.

The rating derives strength from the company's strong business profile and stable ongoing cash flows, the agency said. The rating benefits from the high degree of stability of cash flows from the company's oil and gas business, Fitch said.

The rating is constrained by the company's high debt levels and moderated outlook on its margins, the agency added.

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