Fitch affirms Shriram City

Fitch Ratings said it affirmed Shriram City Union Finance Ltd.'s national long-term rating at Fitch AA-(ind) with a stable outlook, national short-term rating at Fitch A1+(ind), national fixed deposit program rating at Fitch tAA-(ind), long-term debt program at Fitch AA-(ind) and short-term debt program at Fitch A1+(ind).

The affirmation factors in Shriram City's strong linkages with the Shriram group and the company's steady performance over the fiscal year ended March 2011 and the first half of fiscal 2012, the agency said.

Rapid asset growth and the consequent impact on capital buffer are partly of concern, Fitch added.

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