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Fitch assigns AA(ind)/F1+(ind) rating to MindTree's loans
MindTree Limited, a global IT and R&D Services Company, announced today that it has been assigned a Long-term rating of ‘AA(ind)’ and a Short-term rating of ‘F1+(ind)’ by Fitch Ratings.
MindTree Limited , a global IT and R&D Services Company, announced today that it has been assigned a Long-term rating of 'AA(ind)' and a Short-term rating of 'F1+(ind)' by Fitch Ratings . Further, the agency has rated the Outlook as "stable". Fitch is a leading global rating agency that provides credit opinions.
MindTree's Long-term rating ['AA(ind)'] indicates very low credit risk, and is valued up to INR1,926.2M of long-term loans. The Short-term 'F1+(ind)' rating, which is the highest in the category, covers fund-based working capital limits up to INR1,717M and non-fund based working capital limits up to INR53M.
Fitch took a consolidated view of MindTree and Aztecsoft Ltd. for this evaluation.
"These ratings are significant as they reflect our financial strength and stability, even in the challenging economic environment that we live in today. This would not only help drive down interest costs for us, but also, more importantly, reinforce our stakeholders' trust in us," said MindTree Chief Financial Officer Rostow Ravanan. "The two key highlights of the Fitch report are our strong client relationships and ability to manage rapid growth. We hope to continue to invest strategically to maintain these strengths," he added.
