Fitch gives Aanjaneya BBB-, loan BBB-(ind)

Fitch Ratings said it assigned Aanjaneya Lifecare Ltd. a BBB- national long-term rating, its Rs. 700 million fund-based working capital limits a BBB-(ind)/F3(ind) rating and its Rs. 400 million long-term loan a BBB-(ind) rating.

The outlook is stable.

The ratings factor in the company's established presence in the domestic anti-malarial active pharmaceutical ingredient market, as well as into the expectations of revenue and margin growth from the company's new formulation and contract manufacturing business segment, Fitch said.

The ratings also consider the small scale and size of the company's operations and its limited operating track record, the agency said.

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