Fitch affirms SRF

Fitch Ratings said it affirmed SRF Ltd.'s national long-term rating of AA-(ind), along with the ratings of its existing term loans of Rs. 2.3 billion at AA-(ind), fund-based working capital limits of Rs. 3.5 billion at AA-(ind)/F1+(ind), non-fund-based working capital limits of Rs. 4.17 billion at AA-(ind)/F1+(ind) and commercial paper/short term debt program of Rs. 700 million at F1+(ind) and non convertible debenture program of Rs. 1.5 billion at AA-(ind).

The outlook is stable.

The ratings factor in the company's well-established market position in its core businesses of technical textiles, refrigerant gases and polyester films, Fitch said.

Revenues from the trading of carbon emission reduction (CER) units have provided an additional source of earnings, further supporting its profitability and keeping its financial leverage at moderate levels, the agency said.

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