Usha Martin receives ' A+ (ind) ' rating by - Fitch

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Kolkata, Apr 12 (UNI) Usha Martin Ltd has been assigned ' A+(ind) 'by International rating agency Fitch.

The ratings assigned reflect the company's position as a value-added player in the speciality segment of the steel industry and its leadership position in the high-end wire rope business. It has access to iron-ore mines catering to 100 per cent of its requirements and geographical diversification through its overseas operations, a company release here today stated.

The ratings also recognise the consistent deleveraging of its balance sheet over the last four years.

Usha Martin also received PR1+ rating from CARE for its short term banking facilities aggregating Rs 1300 crore. The rating facility is applicable upto one year .

Usha Martin is expanding its speciality in steel manufacturing capacity at Jamshedpur to one million tonne. It is one of the world's largest producers of wire ropes with manufacturing facilities at Ranchi, Jamshedpur and Hoshiarpur in India. It is also popular for its wire ropes in the UK, Thailand, USA and the UAE. It has a worldwide distribution, service and marketing network, the release said.

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