Fitch affirms Greaves Cotton

Fitch Ratings said it affirmed Greaves Cotton Ltd.'s national long-term rating at AA-(ind), along with the ratings on its term loans of Rs.46.08 million at AA-(ind), fund-based cash credit limits of Rs.650 million at AA-(ind), vendor discounting facility of Rs.50 million and dealer discounting facility of Rs.50 million at AA-(ind), non fund-based limits of Rs.2.31 million (fungible between letters of credit and bank guarantees) at AA-(ind)/F1+(ind) and Rs.300 million commercial paper program carved out of funded working capital limits at F1+(ind).

The outlook is stable.

The affirmations reflect the company's ability to maintain comfortable liquidity and leverage metrics despite a challenging economic environment, Fitch said.

The ratings continue to reflect the conservative growth plans of the management, the agency said, and an expectation that the company will maintain its conservative financial profile over the medium term.

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