Fitch rates Mumbai Waste loans A-(ind)

Fitch Ratings said it assigned Mumbai Waste Management Ltd. a national long-term rating of A-(ind), along with its Rs. 25 million fund-based working capital limits of A-(ind)/F2+(ind), Rs. 50 million non-fund based working capital limits of A-(ind)/F2+(ind) and Rs. 50 million short-term loans of F2+(ind).

The outlook is stable.

The ratings are underpinned by the strong track record of the parent, Ramky Enviro Engineers Ltd., in solid waste management in India and the company's strong operational profits and low debt levels over the last four years, Fitch said.

Mumbai Waste is the sole company to handle hazardous solid waste management in Mumbai with a 20-year concession signed with Maharashtra Industrial Development Corp., the agency said.

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