Fitch boosts Ginni Filaments

Fitch Ratings said it upgraded Ginni Filaments Ltd.'s national long-term rating to B(ind) from D(ind), along with its long-term bank loans of Rs. 2.6 billion to B(ind) from D(ind), fund-based working capital limits of Rs. 1.05 billion to B(ind)/F4(ind) from D(ind)/F5(ind) and non-fund based working capital limits of Rs. 220 million to F4(ind) from F5(ind).

The outlook is stable.

The upgrade reflects its improved credit profile after a corporate debt restructuring for all its bank loans in 2009, Fitch said.

The ratings continue to be constrained by Ginni's exposure to low debt service coverage ratios and volatility in margins, the agency said.

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