Fitch rates SSA loans BB(ind)

Fitch Ratings said it assigned SSA International Ltd. a national long-term rating of BB(ind), along with a BB(ind) rating to its outstanding term loans aggregating Rs. 307.3 million, BB(ind)/F4(ind) to its fund-based working capital limits amounting to Rs.1.8 billion and BB(ind)/F4(ind) to its non-fund based working capital limits of Rs. 225 million.

The outlook is stable.

The ratings reflect its established track record in paddy processing and rice export markets, Fitch said. The ratings are underpinned by company's consistent growth and revenues from 2004 and 2008, the agency said.

Key concerns for the ratings emanate from its small scale of operations, high concentration risk in the export market and low brand recall, Fitch said.

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