March 20 - Fitch Ratings has affirmed Caterpillar India Private Limited's (CIPL) National Long-Term rating at 'Fitch AAA(ind)'. The Outlook is Stable. The agency has also affirmed CIPL's INR4,538m working capital limits at 'Fitch AAA(ind)'/'Fitch A1+(ind)'. The working capital limits are fully interchangeable between fund-based and non-fund based limits.
The ratings reflect the strong linkages between CIPL and its US-based parent, Caterpillar Inc. ('A'/Stable/'F1'), which indirectly holds 100% of CIPL's equity. All of CIPL's loan facilities are backed by guarantees from Caterpillar.
Any material weakening in the linkages between CIPL and its parent could lead to the downgrade of CIPL's ratings.
CIPL has three main product lines in its machines division - back hoe loaders, big trucks and small wheel loaders, while its engines division manufactures generator sets and engines.