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Fitch rates Lake Palace loan BB(ind)
Fitch Ratings said it assigned the Lake Palace Hotels & Motels Pvt. Ltd. a national long-term rating of BB(ind), along with a BB(ind) long-term national rating to its Rs. 717.6 million long-term bank loan.
The outlook is stable.
The ratings factor in the company's established brand name and locational advantage, Fitch said. Most of its properties are heritage hotels, which are part of the historic forts of Udaipur and Fitch noted that the demand for such properties is strong.
The ratings also reflect the cash flow stability provided by minimum guaranteed receivables from Indian Hotel Co. Ltd., Fitch said.
The ratings are constrained by its limited revenue base, high financial leverage and low interest coverage, the agency said.
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