Fitch rates Fouress loans BBB+(ind)/F2(ind)

Fitch Ratings sadi it assigned Fouress Engineering India Pvt. Ltd. a national long-term rating of BBB+(ind).

The outlook is stable.

Fouress' ratings reflect its strong position as an industrial valves manufacturer for the sectors of steel, power and water, the agency said.

Ratings consider the company's track record of technical collaborations, which has helped it to expand its product design and manufacturing capabilities, the agency noted.

Ratings also reflect the improvement in its EBIDTA margins beginning 2008 with gross debt-to-EBIDTA ratio at 1.2x in fiscal 2010, Fitch said.

Ratings are constrained by the liquidity issues faced by Fouress in 2010 due to inventory buildup for delays in taking delivery of finished products by customers, the agency said.

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