Fitch affirms Techno Electronics loan

Fitch Ratings said it affirmed the A-(ind)(SO) rating on Techno Electronics Ltd.'s Rs. 1.7 billion term loans, along with its Rs. 1.25 billion fund-based limits and Rs. 850 million non-fund-based limits at A-(ind)(SO)/F1(ind)(SO).

All of the debt, including both long-and short-term, is guaranteed by Videocon Industries Ltd., which has a A-(ind)/F1 ratings with a stable view, the agency said.

The ratings are based solely on the absolute, unconditional and irrevocable guarantee extended by Videocon.

Fitch said Techno Electronics' entire revenue is derived through sales to other group companies with around 85% of its revenues coming from direct sales to Videocon.

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