Fitch ups Crompton Greaves

Fitch Ratings said it upgraded Crompton Greaves Ltd.'s national long-term issuer rating to AA(ind) from AA-(ind). Fitch also said it assigned a long-term rating of AA(ind) to its long-term loans aggregating Rs.1,046.5 million and to its Rs.3,000 million fund-based working capital limits, along with an AA(ind) rating of the Rs.13,000 million non-fund based limits for instruments with tenor of over a year and an F1+(ind) rating for instruments with tenor of less than a year. Fitch also affirmed the F1+(ind) rating of its Rs.1,000 million commercial paper program, carved out of funded working capital limits.

The outlook was changed to stable from positive.

The upgrade reflects Crompton Greaves continued low debt levels and improvement in key debt protection measures, the agency said. It also reflects the positive growth outlook for the company's strategic business unit, CG Power and the expectation of continued comfortable debt protection in the absence of any major capital expenditure plans, Fitch said.

The ratings continue to factor in the company's demonstrated ability to successfully integrate and realize value from its acquisitions, the agency said.

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