Fitch rates Stork Ferro B-(ind)

Fitch Ratings said it assigned Stork Ferro and Mineral Industries Pvt. Ltd. a national long-term rating of B-(ind), along with its long-term bank loan limits of Rs. 391.8 million at B-(ind) and national short-term rating to non-fund-based limits of Rs. 60 million at F4(ind).

The outlook is stable.

The ratings reflect the time and cost overruns associated with the company's ferro alloy manufacturing plant in Balasore, Orissam, Fitch said.

The ratings are constrained by the company's exposure to the volatility in raw material prices such as manganese ore, as well as the finished product, silico manganese, the agency said.

The ratings benefit from the Stork Group's track record in ferro alloys trading and their distribution network in Europe, Fitch added.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.