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Fitch affirms Vikash
Fitch Ratings said it affirmed Vikash Metal and Power Ltd.'s national long-term rating, Rs. 417.3 million of long-term loans and Rs. 311.3 million of cash credit limits at BBB-(ind) and its Rs. 545 million of non-fund-based limits at F3(ind).
The outlook is stable.
The agency said the affirmation reflects Vikash's recovery in EBITDA margins during the nine-month period ended in December and the completion of the company's expansion plan on time.
Fitch noted that Vikash remains exposed to both key input risks and volatility of end-product prices.
The total adjusted net debt-to-operating EBITDAR ratio was 6.29 times in 2009.
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