S&P rates Pandita, bonds B-

S&P said it assigned B- ratings to Pandita Industries Ltd. and its planned dollar-denominated bonds.

“The rating on Pandita reflects the company’s exposure to a cyclical industry. It also reflects Pandita’s elevated debt and cash drains driven by its sizable working capital requirements and sustained dividend policy. The company’s good market position, stable relationships with customers and integrated operations mitigate its weaknesses,” S&P said in a press release.

The outlook is stable and based on the view, the company will generate steady operating cash flow and raise adequate funding over the next 12-18 months, S&P said.

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