Fitch rates Andrew Yule F5(ind)

Fitch Ratings said it affirmed Andrew Yule & Co. Ltd.'s national long-term rating at D(ind) and its fund-based working capital of Rs. 466.6 million at C(ind). The agency also said it assigned a national short-term rating of F5(ind) to its non-fund based limits of Rs. 12.9 million.

The ratings reflect the company's higher debt limits as sanctioned by the banking system, Fitch said.

The ratings also consider its continuous operating losses over the years with its net worth completely eroding in 2002, the agency said.

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