Fitch affirms Hindustan Dorr-Oliver

Fitch Ratings said it affirmed Hindustan Dorr-Oliver Ltd.'s national long-term rating at A(ind), along with its Rs. 2 billion cash credit limits at A(ind) and its Rs. 8 billion non-fund based limits at F1(ind). Fitch also said it assigned a national short-term rating of F1(ind) to its Rs. 1 billion commercial paper program, carved out of fund-based working capital limits.

The outlook is stable.

The affirmations reflect an increase in the company's order book position, on the back of sustained investments in environmental engineering, metal beneficiation and process industries, Fitch said.

The ratings continue to benefit from a one-notch uplift from the potential support from its parent company, IVRCL Infrastructure & Projects Ltd., which holds a 55% equity in the company. Fitch said it believes that given the similarity in businesses, operational and strategic linkages exist between the two entities.

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