S&P applies BB- CCR to Sintex

Standard & Poor's said it assigned its BB- long-term corporate credit rating to Sintex Industries Ltd.

The outlook is stable.

Sintex is an India-based manufacturer of plastic products.

"The rating reflects Sintex's limited geographic diversification, high working capital needs, and a likely increase in capital expenditure over the next 12-18 months for a new independent spinning unit," S&P credit analyst Katsuyuki Nakai said in a news release.

"The favorable prospects for Sintex's domestic business, and the company's stable profit margin temper these weaknesses."

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