Fitch rates Bay Forge loans BBB+(ind)

Fitch Ratings said it assigned Bay Forge Ltd. a national long-term issuer rating of BBB+(ind), along with a BBB+(ind) rating on its long-term bank loans aggregating Rs.217 million, BBB+(ind) on its fund-based cash credit limits totaling Rs.540 million, F2+(ind) on its short-term bank loan of Rs. 40 million, F2+(ind) on its bills discounting facilities aggregating Rs.250 million and F2+(ind) rating on its non fund-based lines of credit totaling Rs.600 million.

The ratings are underpinned by the company's small size and its limited track record in the domestic specialty forgings market, Fitch said.

The ratings also factor in the financial, technical and managerial support from its sponsor, the Fomas Group of Italy and the likelihood of Bay Forge's playing a more important role in the group's global business, the agency said.

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