Fitch rates Era Infra Engineering F1(ind)

Fitch Ratings said it assigned a national rating of F1(ind) to Era Infra Engineering Ltd.'s Rs. 500 million commercial paper program and Rs. 500 million short-term debt program.

The rating is supported by the established operations of the company and stable cash flows from the contract construction business, Fitch said.

Era's ratings are constrained on account of increased working capital and capital expenditure requirements, which have increased the company's financial leverage substantially, the agency said, and the greater execution and project management risks associated with the large projects that it is taking on.

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