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Fitch affirms Bonai Industrial
Fitch Ratings said it affirmed Bonai Industrial Co. Ltd.'s national long-term rating at AA-(ind), along with its Rs. 405.6 million long-term loans at AA-(ind), Rs. 1 billion fund-based loans, enhanced from Rs. 300 million, at F1+(ind) and Rs. 100 million non-fund based loans at F1+(ind).
The outlook is stable.
The affirmations continue to reflect the company's long track record of maintaining a conservative financial profile with high cash balances and lack of significant debt-funded capital expenditure plans and comfortable debt protection measures, Fitch said.
The ratings continue to be constrained by the cyclical nature of the domestic iron ore industry and the sensitivity of the company's cash flows to iron ore price fluctuations, especially as it does not have any long-term contracts with buyers, the agency said.
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