Fitch affirms Tata Projects

Fitch Ratings said it affirmed Tata Projects Ltd.'s national long-term rating at AA-(ind). Fitch also said it affirmed the AA-(ind) ratings assigned to its Rs. 337.5 million partly-convertible debenture issue and Rs. 600 million cash credit limits, as well as the F1+(ind) ratings assigned to its Rs. 300 million commercial paper program and Rs. 17.5 billion non-fund-based limits. Fitch also said it assigned a rating of AA-(ind) to its additional short-term fund based limits aggregating Rs. 150 million and a rating of F1+(ind) to its additional Rs.750 million non-fund based limits.

The outlook is stable.

The ratings continue to reflect its established market position, strong order book position, strong credit metrics and support from the Tata group companies, Fitch said.

The factors constraining the ratings are project concentration and low margins, the agency said.

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