Fitch rates Senbo Engineering BBB+(ind)

Fitch Ratings said it assigned Senbo Engineering Ltd. a national long-term rating of BBB+(ind), along with a national long-term rating of BBB+(ind) to its outstanding/sanctioned long-term loans aggregating Rs. 48.7 million, national long-term rating of BBB+(ind) to its sanctioned fund-based limits aggregating Rs. 540 million and

national short-term rating of F2+(ind) to its sanctioned non-fund based limits aggregating Rs. 1,044.5 million. The outlook is stable.

The ratings reflect strong revenue growth coupled with improved profitability, reflecting its focus on value-added segments of the construction space and limited sub-contracting of its orders, Fitch said.

The ratings benefit from the company's track record in project execution of complex jobs and its expertise in heavy construction, piling and underground tunneling, the agency said.

The ratings are constrained by the company's small size of operations, which limits its ability to bid for large projects, Fitch said.

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