Fitch rates Shriram EPC loans A-(ind)

Fitch Ratings said it assigned Shriram EPC Ltd. a national long-term rating of A-(ind) and a national long-term rating of A-(ind) on its Rs.898 million long-term fund-based limits and Rs.643 million long-term loans, along with a short-term rating of F1(ind) on its Rs.3,105 million short-term non fund-based and Rs.500 million short-term loans.

The ratings reflect the company's strong growth over the past five years, strong order book, low leverage and improving profitability, Fitch said.

Key rating concerns are project execution risk given the high concentration of key projects, the agency said, and higher leverage at the subsidiary/associate level.

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