Fitch affirms SREI Equipment

Fitch Ratings said it affirmed SREI Equipment Finance Pvt Ltd.'s national long-term rating at AA(ind), national rating of its Rs. 10 billion secured non-convertible debenture program at AA(ind), national rating of its Rs. 2 billion lower tier-2 sub-debt program at AA(ind) and national short-term rating at F1+(ind).

The outlook is stable.

The ratings reflect the company's established franchise, fairly stable operating performance in a volatile economic environment and the benefits it derives as a joint venture of BNP Lease Group and SREI Infrastructure Finance, Fitch said.

The ratings remain constrained by its low funding diversity, cyclicality of its core business and limited nature of its association with BNP Lease, the agency said.

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