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Fitch ups Gangakhed Sugar
Fitch Ratings said it upgraded Gangakhed Sugar and Energy Ltd.'s national long-term rating to BB-(ind) from B+(ind).
The agency also said it upgraded the company's Rs. 3.04 million term loans to BB-(ind) from B+(ind) and assigned a BB-(ind) rating to its Rs. 512.5 million cash credit limit.
The outlook is stable.
The upgrade reflects the successful completion of the company's integrated cane processing plant, Fitch said.
The upgrade also considers an expectation of an improvement in the company's financial and credit profiles in 2011 on account of the positive cash flows from the sugar, cogeneration and distillery plants, the agency said.
Key rating constraints are its lack of track record in the sugar industry, small scale and revenue dependency on sugar, Fitch said.
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