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Fitch affirms Vinayaka Missions
Fitch Ratings said it affirmed Vinayaka Missions University's national long-term rating at BBB+(ind), along with the BBB+(ind) rating on its Rs. 2.03 billion term loans, BBB+(ind) on its Rs. 640 million overdraft limits and BBB+(ind)/F2(ind) ratings on its Rs. 302.5 million non-fund based working capital limits.
The ratings reflect the continued growth in the company's fee revenues due to an increase in enrollment levels, Fitch said.
The increase in the company's fee revenues and the level of its operating surplus margins have been in line with expectations, the agency said.
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