Fitch rates Mahindra Holidays A(ind)

Fitch Ratings said it assigned a national issuer rating of A(ind) to Mahindra Holidays and Resorts (India) Ltd., along with an A(ind) rating to its fund-based working capital limits of Rs. 350 million and an F1(ind) rating to its non-fund based working capital limits of Rs. 100 million.

The outlook is stable.

The ratings are underpinned by the company's track record of operating in the domestic vacation ownership industry, Fitch said, established operations and the strength of its "Club Mahindra" brand.

The ratings are also supported by the strong profile of its promoters, the Mahindra Group, who are amongst the largest business houses in India, the agency said.

Key risks to the ratings stem from the company's exposure to the leisure tourism sector, which is largely dependent on disposable incomes, Fitch said.

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