Fitch boosts Ginni

Fitch Ratings said it has upgraded Ginni Filaments Ltd.'s national long-term rating to B+(ind) from B(ind) with a stable outlook.

Simultaneously, the agency said it has upgraded/affirmed the ratings of Ginni's following instruments:

• Rs. 2.039 billion of outstanding term loans to B+(ind) from B(ind);

• Rs. 1.3 billion fund-based working capital limits to B+(ind)/F4(ind) from B(ind)/F4(ind); and

• Rs. 250 million non-fund based working capital limits affirmed at F4(ind).

According to Fitch, the rating upgrade is driven by significantly better financial results for financial year ended March 2010 that it had expected.

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