Fitch affirms NIIT

Fitch Ratings said it affirmed NIIT Ltd.'s national long-term rating at AA-(ind), along with a national long-term rating of AA-(ind) on its existing long-term bank loans of Rs. 81.94 million; national long-term rating at AA-(ind) and national short-term rating at F1+(ind) on its non fund-based working capital banking lines of Rs. 1.3 billion (enhanced from Rs. 600 million); national long-term rating at AA-(ind) and national short-term rating at F1+(ind) on its fund-based working capital banking lines of Rs. 1 billion (enhanced from Rs. 800 million); national long-term rating at AA-(ind) and national short-term rating at F1+(ind) on its long-term debt program of Rs. 1 billion; and a national long-term rating at AA-(ind) and national short-term rating at F1+(ind) on its short-term debt program of Rs. 600 million. Fitch also said it affirmed the national short-term rating at F1+(ind) on its Rs. 600 million commercial paper program.

The outlook is stable.

The ratings continue to reflect its status as a pioneer and market leader in India's information technology training market, its established brand name, first mover's advantage and wide training center network, Fitch said.

The ratings also take into consideration the huge growth potential of India's education sector, the agency said, as well as the increased government spending on this sector.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.