Fitch rates Bhushan Power bonds, loans A-(ind)

Fitch Ratings said it assigned an A-(ind) rating to Bhushan Power & Steel Ltd.'s Rs.2000 million optionally convertible bonds and Rs.54000 million long-term bank loans, including cash credit limit of Rs.8233 million and an F2+(ind) rating to its Rs.2000 million short-term debt/commercial paper program, Rs.5500 million short-term bank loans and Rs.9500 million non-fund based working capital limits. The agency also affirmed its national long-term issuer rating at A-(ind) while its non-convertible debenture rating of its Rs.100 million program has been affirmed at A-(ind) and withdrawn as there is no debt outstanding against the instrument. The Rs.2000 million short-term debt/commercial paper program forms part of the fund-based working capital limits.

The outlook remains negative.

The company is a closely-held public limited company with plants at Chandigarh, Kolkata and Sambalpur-Orissa and production facilities for 400,000tpa cold rolled steel, 335,000tpa billets, 600,000tpa sponge iron and other long products, as well as a 100 megawatts power plant.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.