Fitch rates Tech Mahindra loans AAA(ind)

Fitch Ratings said it assigned Tech Mahindra Ltd. a national issuer rating of AAA(ind), along with an AAA(ind)/F1+(ind) rating to its non-fund based limit of Rs.1,650 million, AAA(ind)/F1+(ind) rating on its fund-based limit of Rs.2,200 million and AAA(ind) rating on its corporate credit line of Rs.10 million.

The outlook is stable.

The ratings reflect the company's position as the leading provider of IT services to the global telecommunication industry and the deep domain expertise it has developed in this vertical, Fitch said.

The rating is supported by its five-year revenue visibility on its well-structured master contracts with British Telecommunications plc. The company also has been able to lock in similar smaller size contracts with other players, the agency said.

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