Fitch rates Wabco AA+

Fitch Ratings said it assigned Wabco-TVs Ltd. a national long-term rating of AA+(ind), its Rs. 450 million cash credit limits a AA+(ind)/F1+(ind) rating and its Rs. 250 million non-fund-based limits a AA+(ind)/F1+(ind) rating.

The outlook is stable.

The ratings are underpinned by the company's strong market position in India with leading market share in the original equipment manufacturing and aftermarket segments of medium and heavy commercial vehicles, strong profitability, a balance sheet with low financial leverage and its strong network of dealers and service outlets, Fitch said.

The ratings also consider the cyclical nature of the domestic commercial vehicle industry, concentration risks the likelihood of competition from other low cost countries and the volatility in raw material prices, the agency said.

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