Fitch rates Alankit Healthcare, loan BBB-(ind)

Fitch Ratings said it assigned Alankit Healthcare TPA Ltd. a national long-term rating of BBB-(ind), along with BBB-(ind)/F3(ind) ratings to the company's fund-based working capital limits of Rs. 6.75 million and fund-based working capital limits of Rs. 64 million.

The outlook is stable.

The ratings reflect its steady business of providing third-party administration services to various health insurance companies in both the government and private sectors, Fitch said.

The ratings also incorporate the company's strong revenue growth over the last few years, as well as the potential for further growth given low-penetration levels of health insurance in India and its empanelment as authorized service provider in government of India, the agency said.

The ratings are constrained by the company's small scale of operations, low barriers of entry, limited pricing power and high customer concentration risk, Fitch added.

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