Fitch affirms highest rating to SRF's short-term debt prg

Global rating agency, Fitch Ratings today affirmed the national short-term 'F1+(ind)' rating indicating the highest credit quality to the Rs 70 crore commercial paper or short term debt programme of SRF Ltd.

The rating takes into account the company's strong market position in its core businesses, diversified nature of operations enabling steady cash flow growth and comfortable debt protection measures, the rating agency said in a release.

The rating also reflects the company's operational efficiencies.

However, the rating concerns emanate from declining margins in SRF's core business of nylon tyre-cord fabric due to pressure on pricing on account of stiff international competition and higher raw material costs because of rising crude oil prices, it said.

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