MUMBAI (Thomson Financial) - Fitch Ratings said it has assigned its national
long-term issuer rating of 'AA(ind)' with a stable outlook to Wartsila India
Ltd. (WIL), reflecting the company's strong linkages with its Finland-based
parent Wartsila OYJ and strong position as global manufacturers of diesel
generator engines.
The ratings are also supported by WIL's conservative policies with regards
to borrowing and capital expansion and stable positive free cash flows over the
past three years in the absence of any major capex, the ratings agency said.
However, Fitch noted that any weakening of the operating and strategic
linkages with Wartsila will act as a negative trigger for the rating.
Fitch has affirmed its 'F1+(ind)' rating on WIL's 100 million rupees
commercial paper programme.
Wartsila holds over 98 percent of WIL's equity.
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