Fitch affirms SSA

Fitch Ratings said it affirmed SSA International Ltd.'s national long-term rating at BB(ind), along with its outstanding Rs. 371.7 million long-term bank loan, enhanced from Rs. 307.3 million, at BB(ind), Rs. 2.2 billion fund-based working capital limits, enhanced from Rs. 1.8 billion, at BB(ind)/F4(ind) and Rs. 553 million non-fund based working capital limits, enhanced from Rs. 225 million, at BB(ind)/F4(ind).

The outlook is stable.

The ratings continue to reflect its established track record in basmati paddy processing, basmati rice export markets and its consistent growth in revenues from 2005 through 2010, Fitch said.

The ratings are further strengthened by the company's lack of capital expenditure over the short- to medium-term, the agency said.

The ratings remain constrained by SSA's high concentration risk in the export market and low brand recall, Fitch added.

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