Fitch affirms Bharat Heavy Electricals

Fitch Ratings said it affirmed Bharat Heavy Electricals Ltd.'s national long-term rating at AAA(ind), along with its Rs. 300 billion non-fund based working capital limits at AAA(ind)/F1+(ind) and AAA(ind)/F1+(ind) to its new Rs. 100 billion non-fund based limits. Fitch also said it affirmed its Rs. 1 billion fund-based working capital limits at AAA(ind).

The outlook is stable.

The ratings reflect its leadership position in the Indian power equipment segment, Fitch said.

Despite the global economic downturn, the agency said that order cancellations have been minimal during the first half of 2010 given the strong demand from the power sector.

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