Fitch rates Thesys BBB-(ind)

Fitch Ratings said it assigned Thesys Technologies Pvt Ltd. a national long-term rating of BBB-(ind), along with BBB-(ind)/F3(ind) ratings on its fund-based working capital limits of Rs.44 million, BBB-(ind) ratings on its existing term loans of Rs.12.04 million and BBB-(ind)/F3(ind) ratings on its treasury limit of Rs.120 million.

The outlook is stable.

The ratings reflect Thesys's established position as Switzerland-based Temenos Group AG's certified systems-integration partner since 2004, Fitch said.

The ratings also draw strength from the employee base, its skill sets and Temenos product experience, the agency said.

The ratings are constrained by Thesys's relatively smaller scale of operations and concentration risk from its relationship with Temenos and dependence on the banking and financial services industry, Fitch added.

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