S&P rates Jain Irrigation, notes B+

S&P said it assigned its B+ long-term corporate credit rating to Jain Irrigation Systems Ltd.

The outlook is stable.

At the same time, the agency assigned a B+ long-term issue rating to the $200 million notes senior unsecured notes issued by Jain International Trading BV and guaranteed by Jain Irrigation.

"Our rating on Jain Irrigation reflects the company's high leverage compared with peers' and elongated working capital cycle, resulting in pressure on liquidity," S&P credit analyst Ashutosh Sharma said in a news release.

"The company's business is exposed to cyclicality due to the variability in monsoons and seasonality in sales."

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