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Fitch ups Nithya Packaging
Fitch Ratings said it upgraded Nithya Packaging Pvt. Ltd.'s national long-term rating to BBB(ind) from BBB-(ind), along with the ratings on its Rs. 61.3 million outstanding long-term loans, enhanced from Rs. 19.1 million, to BBB(ind) from BBB-(ind), Rs. 100 million fund-based working capital limits to BBB(ind) from BBB-(ind) and Rs. 25 million non-fund based working capital limits, enhanced from Rs. 4.7 million, to F2(ind) from F3(ind).
The outlook is stable.
The upgrades reflect the company's continuing track record of maintaining a low financial risk profile from 2005 through 2010, Fitch said.
The company's financial performance in 2010 has been in line with expectations, both in terms of revenue growth and profitability, the agency said.
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