Fitch rates Mittal Hospitals BB-(ind)

Fitch Ratings said it assigned Mittal Hospitals Ltd. a national long-term rating of BB-(ind), along with an F4(ind) rating on its fund-based limits of Rs.17.7 million, BB-(ind) rating on its cash credit limits of Rs.6.5 million and BB-(ind) rating on its long-term loans of Rs.108.5 million.

The outlook is stable.

The ratings reflect the company's lack of track record, given its relatively short operational history and its stretched financial profile owing to initial debt-funded capital expenditure, Fitch said.

However, as operations pick up, the company's management expects the number of referral cases for specialized treatments to increase, thereby benefiting utilization levels, the agency said.

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