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Fitch rates Ambica Steels loans BBB-(ind)
Fitch Ratings said it affirmed Ambica Steels Ltd.'s national long-term issuer rating at BBB-(ind), and assigned a BBB-(ind) rating to its outstanding long-term loans aggregating Rs.450 million, national short-term rating of F3(ind) on its sanctioned non-fund based limits aggregating Rs.1250 million and national long-term rating of BBB-(ind) of its cash credit limits Rs.750 million.
The outlook is stable.
The ratings reflect the company's higher debt/limits as sanctioned by the banking system, Fitch said.
The company recorded revenues of Rs.3275.8 million in 2007. Its profitability has shown improvement over the last two years with EBITDA margins remaining between 3% to 5.8%, the agency said.
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