Fitch rates Quippo Telecom loans BBB(ind)

Fitch Ratings said it assigned Quippo Telecom Infrastructure Ltd. a national long-term rating of BBB(ind), along with a BBB(ind) to its outstanding term loans aggregating Rs. 5551 million, BBB(ind)/F3(ind) rating to its fund-based working capital limits amounting Rs. 12 million and BBB(ind)/F3(ind) rating to its non-fund based working capital limits amounting Rs. 70 million.

The outlook is stable.

The ratings reflect the visibility and stability of cash flows, a build- to-suit model that reduces tenancy risks, strong credit profiles of its counterparties and a favorable environment for telecom towers, Fitch said.

Key ratings concerns include the company's limited operational history, high financial leverage and strong competition from other tower companies, the agency said.

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