Fitch ups Suresh Angadi loans

Fitch Ratings said it upgraded the ratings on Suresh Angadi Education Foundation's Rs. 100 million term loans to B+(ind) from B(ind). The agency also said it assigned it a national long-term rating of B+(ind).

The outlook is stable.

The upgrade reflects the improvement in admission levels and fee collections of the Angadi Institute of Technology and Management, Fitch said.

The ratings continue to be constrained by the short operational track record of the institute and its stretched leverage levels during initial years of operation, the agency said.

The ratings continue to draw comfort from the demand for engineering and management education in Belgaum, Karnataka and nearby locations, such as Hubli and Dharwad, Fitch added.

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