Fitch affirms Nectar

Fitch Ratings said it affirmed Nectar Lifesciences Ltd.'s national long-term rating at A-(ind), along with the A-(ind) rating on its Rs. 5.2 billion term loans, the A- and A1 ratings on its Rs. 5.5 billion fund-based cash credit limits and A1 rating on its Rs. 4.3 billion non-fund based limits.

The outlook is stable.

The affirmation reflects that, despite an increase in debt, the company's net financial leverage remained below the negative rating guideline of 4x for the financial year that ended March 2011, Fitch said.

Leverage is expected to remain below the guideline given likely growth of revenues and profitability and limited capital expenditure, the agency said.

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