Fitch affirms HCL Infosystems enhanced loans

Fitch Ratings said it affirmed HCL Infosystems Ltd.'s national long-term rating at AA-(ind), along with a national long-term rating of AA-(ind) and national short-term rating of F1+(ind) along with its non fund-based working capital banking lines of Rs.13750 million (enhanced from Rs.4850 million) and national long-term rating of AA-(ind) and national short-term rating of F1+(ind) on its fund-based working capital banking lines aggregating Rs.1250m (enhanced from Rs.1150 million.

The agency also assigned an AA-(ind) rating to its Rs.1000 million non-convertible debenture program.

The outlook is stable.

Significant increases in profitability and a reduction in revenue concentration without increase in financial leverage would be positive rating triggers, Fitch said.

An increase in financial leverage or a reduction in profitability would be negative rating triggers, the agency said.

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