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Fitch ups Crompton Greaves to AA+(ind)
Fitch Ratings said it upgraded national long-term rating of Crompton Greaves Ltd. to AA+(ind) from AA(ind) and affirmed the F1+(ind) rating of its Rs. 1 billion commercial paper program carved out of its fund-based limits. Fitch also upgraded its long-term loans of R. 187 million to AA+(ind) from AA(ind), enhanced fund-based working capital limits of Rs. 2 billion to AA+(ind) from AA(ind) and enhanced non-fund based limits of Rs. 20 billion upgraded to AA+(ind)/F1+(ind) from AA(ind)/F1+(ind).
The outlook is stable.
The upgrade reflects the company's consistently improving leverage position despite strong revenue growth in 2009 and a difficult economic environment, Fitch said.
During this period the company also maintained and improved its EBITDA margins with the strong growth in its Indian businesses more than offsetting the pressures faced in its international markets, the agency said.
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