Fitch: GR, loans at BBB(ind)

Fitch Ratings said it assigned a national long-term rating of BBB(ind) to GR Infrastructure Pvt. Ltd., along with national ratings of BBB(ind) to its Rs. 595 million outstanding long-term loans, including buyer's credit of Rs. 375 million, and its Rs. 40 million fund-based cash credit limit.

The outlook is stable.

The ratings reflect the company's financial track record and comfortable credit profile over the past four years, as well as the strong industry demand, Fitch said.

The ratings also recognize its strong operational linkages with its group company, G.R.Engineering Pvt. Ltd., which has accounted for a majority of GR Infrastructure's turnover over the last four years, the agency said.

Key concerns include its small scale of operations, dependence on a single project/customer for a significant portion of its revenues and its limited track record with only four years of operating history, Fitch said.

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