Fitch: Bilcare notes A(ind)

Fitch Ratings said it assigned an A(ind) rating to Bilcare Ltd.'s proposed Rs. 1.5 billion non-convertible debenture issuance.

The agency also said it affirmed its national long-term rating at A(ind), along with its Rs. 4.5 billion term loan at A(ind) and Rs. 3.5 billion non fund-based limits at A1(ind).

The outlook is stable.

The affirmation reflects the improvement in Bilcare's financial and credit profile in line with expectation, Fitch said.

The agency noted that post the company's acquisition and consolidation of Ineos Films, its revenues and EBITDA increased. But, Bilcare's EBITDA margins declined to 15% from 23% during the same period due to high costs and low margins associated with Ineos, the agency said.

During 2011, Bilcare's liquidity remained comfortable with positive cash from operations on a consolidated and standalone basis, Fitch added.

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