Fitch affirms Raychem RPG

Fitch Ratings said it affirmed Raychem RPG Ltd.'s national long-term rating at A+(ind), along with its commercial paper program of Rs.50 million at F1+(ind), long-term loans of Rs.267.1 million at A+(ind), fund-based working capital limits of Rs. 970 million at A+(ind)/F1+(ind) and non-fund based limits of Rs.1.5 billion at F1+(ind).

The outlook is stable.

Fitch said the ratings factor in support from the company's sponsors - the RPG group and Raychem, which is part of Tyco Electronics, rated BBB with stable view.

The ratings also reflect its comfortable debt protection measures with peak net debt-to-EBITDA ratio reaching 1.98x in the year ending March 2009, the agency said.

The ratings are constrained by high customer concentration, the agency said, and by a high proportion of sales to state government entities.

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