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Fitch ups Avani Projects
Fitch Ratings said it upgraded Avani Projects and Infrastructure Ltd.'s national long-term rating to B(ind) from B-(ind), along with the rating on its outstanding Rs. 976.8 million long-term loans, enhanced from Rs. 660.1 million, to B(ind) from the expected B-(ind); and the rating on its sanctioned Rs. 200 million fund-based limits, reduced from Rs. 290 million, upgraded to B(ind) from the expected B-(ind).
The upgrades reflect the progress of the company's ongoing projects and the improved real estate market, Fitch said.
As the projects are close to completion, Fitch said it expects the liquidity of the company to improve as cash flows from operations commence.
The ratings are constrained by the delays in the completion of three projects, the agency said.
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