Fitch Ratings has assigned Steel Authority of India Limited's proposed INR 20 billion long term bond program a National rating of 'AAA(ind)' and a Short term rating of F1+(ind) to its proposed INR 20 billion short term debt/commercial paper program.
Simultaneously, the agency has affirmed SAIL's National Long-term rating at AAA(ind) with a Stable Outlook as well as the following issue ratings:
1. INR 40 billion long term bond program at AAA(ind)
2. Proposed INR 10 billion term deposit program at AAA(ind)
3. INR 20 billion short-term debt/commercial paper program at F1+(ind)
4. INR 20 billion long term bank loans at AAA(ind)
5. INR 20 billion fund based working capital bank limits at AAA(ind)
6. INR 130 billion long term non fund-based bank limits at AAA(ind)
The ratings continue to reflect SAIL's position as the leading steel manufacturer in India, with an established brand, very strong credit metrics, a presence in almost the entire range of mild steel products, and ownership of large reserves of quality iron ore. However, Fitch notes that coking coal linkages still remain a concern, as SAIL imports about 70% of its coking coal requirements. Its ratings are underpinned by the Indian government's majority ownership and demonstrated financial support to the company.
(Sourced from http://www.steelguru.com/news/index/2009/10/10/MTE1NDEy/Fitch_assigns_AAA%2528ind%2529_rating_to_SAIL.html)
Friday, October 9, 2009
Fitch assigns AAA(ind) rating to SAIL
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