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Fitch Rating
Raychem RPG Limited Short Term Borrowings "Ind A1+" (Strongest Safety)
Raychem RPG Limited Long Term Borrowings "Ind AA- Stable" (Strong Safety)
Raychem RPG Limited Commercial Paper "Ind A1+" (Strongest Safety)
The rating indicates very high certainty of timely payments. Liquidity factors, including internal operating factors and access to alternative sources of funds are excellent and supported by good fundamentals. Risk factors are minor.

The rating takes into account the leadership position of the Company in Cable Jointing Kits, its stable margins and a favourable demand outlook for its key consuming sectors in India, i.e. Power, Oil & Gas & Solar & EMS. The ratings factor in the support from its sponsors - RPG Group and TE Connectivity which each hold 50% in the Company. The ratings also reflect the comfortable debt protection measures maintained by the Company over the past few years. The ratings also factor in the improved performance during FY16, in both the domestic as well as export markets, driven by higher volumes, the thrust on new product development and healthy operating environment.