Fitch rates English Indian Clays loans A(ind)

Fitch Ratings said it assigned a national long-term issuer rating of A(ind) to English Indian Clays Ltd., along with a national long-term rating of A(ind) on its existing long-term bank loans aggregating Rs. 791.7 million;

national long-term rating of A(ind) and national short-term rating of F1(ind) on its non-fund based working capital banking lines of Rs. 100 million; and national long-term rating of A(ind) and national short-term rating of F1(ind) on its fund-based working capital banking lines aggregating Rs .375 million.

The outlook is stable.

The ratings reflect its stable performance, improved financial profile since 2005 and strong position in the domestic clay business, Fitch said.

The ratings are constrained by the overall size of the company and its current moderate market position in the starch business, the agency said.

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