Fitch rates Steel Strips loans A-(ind)

Fitch Ratings said it assigned Steel Strips Wheels Ltd. a national long-term rating of A-(ind), along with an A-(ind) rating to its long-term loans of Rs. 1.07 million, A-(ind)/F2+(ind) ratings to its fund-based working capital limits of Rs. 695 million and A-(ind)/F2+(ind) ratings to its non-fund-based limits of Rs. 672.5 million.

The outlook is stable.

The ratings reflects the company's comfortable profitability levels, long standing relationships with major original equipment manufacturers, its presence in all automotive segments and significant market share in the passenger car segment, Fitch said.

The agency said these new capacities will help the company strengthen its presence in southern and eastern India, increase its revenue contribution from exports and enhance its market share in the commercial vehicles segment and tractor segment.

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