TEXT-Fitch affirms Phorotech Surfin's bank loan at 'BB+(ind)'

Newswire

(The following statement was released by the ratings agency) April 30 - Fitch Ratings has today affirmed Phorotech Surfin (India) Pvt Ltd's (PSPL) National Long-term rating at 'BB+(ind)'. The Outlook remains Stable. Fitch has also affirmed PSPL's long-term bank loans aggregating INR92m and its fund-based cash credit limits of INR25m at 'BB+(ind)'. The affirmations reflect PSPL's strong business position in the South Indian auto market, which has ensured high EBITDA margins of around 25%. ...

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