Fitch rates Lite Bite Foods loans BBB(ind)

Fitch Ratings said it assigned to Lite Bite Foods Pvt Ltd. a national rating of BBB(ind)(SO) to its existing term loans of Rs. 130 million, BBB(ind)(SO)/F3(ind)(SO) ratings on its fund-based working capital loans of Rs. 20 million and an expected rating of BBB(ind)(SO) on its proposed term loans of Rs. 200 million.

The ratings are solely based on the unconditional and irrevocable corporate guarantee provided by Lite Bite's parent, Gyan Enterprises Ltd., which owns an 83.05% stake in the company.

The ratings reflect Gyan's position as the holding company for Amit Burman's stake in Dabur India Ltd., Fitch said.

The ratings are constrained by the irregular nature of Gyan's income and cash flows, the agency said.

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