Fitch rates Leitner Shriram BBB (ind)/F3(ind)

Fitch Ratings said it assigned Leitner Shriram Manufacturing Ltd. a national long-term rating of BBB(ind) and ratings of BBB(ind)/F3(ind) to its fund-based working capital limits of Rs. 1.75 billion and non-fund-based limits of Rs. 300 billion as well as a BBB(ind) rating to its long-term loans of Rs. 916.7 million.

The outlook is stable.

Ratings are supported by Leitner Technologies' technical assistance to LSML and the Shriram group's track record in the 250 kilowatt wind turbine generator business, the agency said.

Ratings are also boosted by the Rs. 1.8 billion order from the Shriram group company - Orient Green Power Co. Ltd., the agency noted.

A concern weighing on LSML's ratings is that its gearless technology is relatively new and has a limited operational history, the agency said.

LSML has a gross debt-to-EBIDTA ratio of 8.9x in fiscal 2010.

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