Fitch rates Essar Technology Park BBB-(ind)

Fitch Ratings said it assigned Essar Technology Park BKC Pvt. Ltd. an expected national long-term rating of BBB-(ind), along with an expected rating of BBB-(ind) to its Rs. 3 billion proposed long-term debt program. The rating is contingent upon receipt of final documents.

The outlook is stable.

The ratings factor in the large proportion of long-term lease contracts for two out of the four towers, Fitch said. The ratings also factor in potential support from the Essar Group of companies, the agency said.

The ratings are constrained by cash flow concerns, especially with regards to debt servicing in the next two years, Fitch added.

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