Fitch rates Goyal B+(ind)

Fitch Ratings said it assigned Goyal Energy & Steel Pvt. Ltd. a B+(ind) national long-term rating, along with a B+(ind) rating on its Rs. 51 million long-term loans and B+(ind) rating on its Rs. 245 million fund-based loans.

The outlook is stable.

The ratings are constrained by the company's relatively small scale of operations in the domestic steel industry, weak credit metrics and price volatility of raw materials, Fitch said.

The ratings also are constrained by low operating margins, the agency said, and by lack of adequate fund-based limits required for the operations of a recently completed ingot manufacturing facility.

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