Fitch rates Ennore Coke BBB(ind)

Fitch Ratings said it assigned Ennore Coke Ltd. a national long-term rating of BBB(ind), along with BBB(ind)/F3(ind) ratings to its fund-based working capital limits of Rs. 122.5 million, non-fund based limits of Rs. 1.65 billion, Rs. 33 million treasury limits and a BBB(ind) rating to its term loans of Rs. 490.5 million.

The outlook is stable.

The ratings reflect the quality of its project sponsors and the promoter group led by Shriram EPC Ltd., which is rated A-(ind)/F1(ind) with stable view, Fitch said.

The ratings also consider management's experience in the operation of coke oven batteries and trading of coke and coking coal, the agency added.

The ratings are constrained by the company's limited operational track record, Fitch said.

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