Fitch rates Zion Steel B+(ind)

Fitch Ratings said it assigned Zion Steel Ltd.'s a national long-term rating of B+(ind) with a stable outlook. The agency also said it assigned B+(ind) ratings to its Rs.62 million sanctioned fund-based working capital bank facilities and Rs.364 million sanctioned term loan facilities.

The ratings reflect the long experience of the promoters in executing similar projects in the past, Fitch said, as well as the mill's flexibility producing automobile parts as well as construction products.

Constraining the ratings is the slowdown in demand in the real estate sector and various macroeconomic factors delaying the recovery of the automobile sector, the agency said.

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