Fitch gives Gallant Ispat BB-(ind)

Fitch Ratings said it assigned Gallant Ispat Ltd. a national long-term rating of BB-(ind) with a stable outlook.

The agency said it has also assigned BB-(ind) ratings to the company's long-term loans of Rs. 1.24 billion.

At the same time, Fitch said it has also assigned a F4(ind) rating to its non-fund credit facilities of Rs. 20 million.

According to the agency, the ratings reflect Gallant Ispat's project execution risks for its capex plan to set up an integrated steel plant and power plant; however, the risks are partially mitigated by the experience of the founding promoters.

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