(The following statement was released by the rating agency) Jan 30 - Fitch Ratings has affirmed India's Pooja Forge Limited's (PFL) National Long-term Rating at 'Fitch BBB(ind)', and revised the Outlook to Stable from Positive. A complete list of ratings is provided at the end of this commentary. The Outlook revision to Stable reflects a decline in PFL's operating EBITDA margin to 12.5% in FY11 (FY10: 13.8%) due to an increase in raw material costs. This, coupled with high working capital ...
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