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Fitch rates Citycom B+(ind)
Fitch Ratings said it assigned a Fitch B+(ind) national long-term rating to Citycom Networks Pte. Ltd. and a Fitch B+(ind) rating to its Rs. 200 million long-term loan. The outlook is stable.
The agency said the ratings factor in Citycom's weak financial performance since inception. In the financial year ended March 2011, it had an EBITDA loss of Rs. 49 million.
However, the company broke even in the first half of fiscal 2012 and is likely to generate an EBITDA profit in the full year, the agency said. Fitch therefore expects Citycom's margins to improve significantly with an increase in its scale of operations.
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