Fitch rates Spencer's Travel Services BB-(ind)

Fitch Ratings said it assigned Spencer's Travel Services Ltd. a national long-term rating of BB-(ind), along with national ratings on its Rs. 5 million fund-based limits of BB-(ind)/F4(ind) and Rs. 350 million non-fund based limits of F4(ind).

The ratings are underpinned by the company's three-decade track record as a general sales agent, its strong relationships with the airlines and its moderate financial leverage, without taking into account the Rs. 97 million unsecured loans from group companies, Fitch said.

The ratings are constrained by the company's dependence on a handful of airlines with which it has sales agreements and the current weak global economic environment, which affects the travel, trade and tourism industry, the agency said.

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