In this report, S&P Global Ratings ranks its universe of rated global building material companies from strongest to weakest. We rank the companies by rating, outlook, stand-alone credit profile (SACP), business and financial risk profile, and liquidity assessment. Investment-grade companies are ranked by business risk profile, then financial risk profile. Speculative-grade companies are ordered by financial risk profile, then business risk profile. If companies are not distinguished by these factors, we list them in alphabetical order.
Where government, group, or rating above the sovereign considerations apply, the final rating may differ from the SACP--in line with our corporate rating methodology. Where the SACP differs from the anchor, as it does for more than one quarter of the ratings, we apply one or more modifiers, which may include a modifier for liquidity. For informational purposes we note the anchor and active modifiers of each company. For our more detailed analysis, please refer to the company-specific pages on RatingsDirect via the hyperlinks below.
Most of our business risk assessments closely correlate with the corresponding competitive positions, as our charts and comments show (see the end of this report). Where they diverge, it is usually because we consider country risk higher, and this constrains the competitive position. An explicit rating factor for about 3% of the companies is government or group ownership, or sovereign rating.
For our sector outlook and analysis, please refer the Related Research section at the end of this article.
Table 1
Global building material companies--Strongest to weakest | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Company | Country | Foreign currency LT | Outlook | Stand-alone credit profile | Business risk profile | Financial risk profile | Liquidity | Financial policy | Anchor | Modifier | ||||||||||||||
1 |
Geberit AG |
Switzerland | A+ | Negative | a+ | Strong | Minimal | Strong (0) | Neutral (0) | aa- | Comparable ratings analysis: Negative (-1 notch) | |||||||||||||
2 |
Adolf Wuerth GmbH & Co. KG |
Germany | A | Stable | a | Strong | Modest | Strong (0) | Neutral (0) | a | ||||||||||||||
3 |
Anhui Conch Cement Co. Ltd. |
China | A | Stable | a | Satisfactory | Minimal | Exceptional (0) | Neutral (0) | a | ||||||||||||||
4 |
Legrand S.A. |
France | A- | Stable | a- | Strong | Intermediate | Strong (0) | Positive (1) | bbb+ | Financial Policy: Positive (+1 notch) | |||||||||||||
5 |
Guardian Industries Resources LLC |
U.S. | A- | Stable | bbb+ | Satisfactory | Modest | Exceptional (0) | Neutral (0) | bbb+ | ||||||||||||||
6 |
Beijing New Building Materials Public Ltd. Co. |
China | A- | Stable | bbb+ | Fair | Minimal | Adequate (0) | Neutral (0) | bbb | Comparable ratings analysis: Positive (+1 notch) | |||||||||||||
7 |
Stanley Black & Decker Inc. |
U.S. | A- | Negative | a- | Strong | Intermediate | Strong (0) | Neutral (0) | a- | ||||||||||||||
8 |
Compagnie de Saint-Gobain |
France | BBB+ | Stable | bbb+ | Strong | Intermediate | Strong (0) | Negative (-1) | a- | Financial Policy: Negative (-1 notch) | |||||||||||||
9 |
CRH plc |
Ireland | BBB+ | Stable | bbb+ | Strong | Intermediate | Strong (0) | Neutral (0) | bbb+ | ||||||||||||||
10 |
Holcim Ltd |
Switzerland | BBB+ | Stable | bbb+ | Strong | Intermediate | Strong (0) | Neutral (0) | bbb+ | ||||||||||||||
11 |
Martin Marietta Materials Inc. |
U.S. | BBB+ | Stable | bbb+ | Strong | Intermediate | Strong (0) | Neutral (0) | bbb+ | ||||||||||||||
12 |
Vulcan Materials Co. |
U.S. | BBB+ | Stable | bbb+ | Strong | Intermediate | Strong (0) | Neutral (0) | bbb+ | ||||||||||||||
13 |
CSR Ltd. |
Australia | BBB+ | Stable | bbb+ | Satisfactory | Minimal | Strong (0) | Negative (-2) | a | Financial Policy: Negative (-2 notch) | |||||||||||||
14 |
Ferguson plc |
U.K. | BBB+ | Stable | bbb+ | Satisfactory | Modest | Strong (0) | Neutral (0) | bbb+ | ||||||||||||||
15 |
Mohawk Industries Inc. |
U.S. | BBB+ | Stable | bbb+ | Satisfactory | Modest | Strong (0) | Neutral (0) | bbb+ | ||||||||||||||
16 |
Valmont Industries Inc. |
U.S. | BBB+ | Stable | bbb+ | Satisfactory | Modest | Strong (0) | Neutral (0) | bbb+ | ||||||||||||||
17 |
Carrier Global Corp. |
U.S. | BBB | Positive | bbb | Strong | Intermediate | Strong (0) | Neutral (0) | bbb+ | Comparable ratings analysis: Negative (-1 notch) | |||||||||||||
18 |
Allegion PLC |
Ireland | BBB | Stable | bbb | Strong | Intermediate | Exceptional (0) | Neutral (0) | bbb+ | Comparable ratings analysis: Negative (-1 notch) | |||||||||||||
19 |
Heidelberg Materials AG |
Germany | BBB | Stable | bbb | Strong | Significant | Strong (0) | Neutral (0) | bbb | ||||||||||||||
20 |
Buzzi SpA |
Italy | BBB | Stable | bbb | Satisfactory | Minimal | Strong (0) | Negative (-1) | a- | Comparable ratings analysis: Negative (-1 notch); Financial Policy: Negative (-1 notch) | |||||||||||||
21 |
Masco Corp. |
U.S. | BBB | Stable | bbb | Satisfactory | Intermediate | Exceptional (0) | Neutral (0) | bbb | ||||||||||||||
22 |
Eagle Materials Inc. |
U.S. | BBB | Stable | bbb | Satisfactory | Intermediate | Strong (0) | Neutral (0) | bbb | ||||||||||||||
23 |
Fortune Brands Innovations, Inc. |
U.S. | BBB | Stable | bbb | Satisfactory | Intermediate | Strong (0) | Neutral (0) | bbb | ||||||||||||||
24 |
Lennox International Inc. |
U.S. | BBB | Stable | bbb | Satisfactory | Intermediate | Strong (0) | Neutral (0) | bbb | ||||||||||||||
25 |
Owens Corning |
U.S. | BBB | Stable | bbb | Satisfactory | Intermediate | Strong (0) | Neutral (0) | bbb | ||||||||||||||
26 |
Votorantim Cimentos S.A. |
Brazil | BBB | Stable | bbb- | Satisfactory | Intermediate | Strong (0) | Neutral (0) | bbb- | ||||||||||||||
27 |
Cementir Holding N.V. |
Netherlands | BBB- | Stable | bbb- | Fair | Minimal | Adequate (0) | Neutral (0) | bbb- | ||||||||||||||
28 |
GCC S.A.B. de C.V. |
Mexico | BBB- | Stable | bbb- | Fair | Modest | Strong (0) | Neutral (0) | bbb- | ||||||||||||||
29 |
CEMEX S.A.B. de C.V. |
Mexico | BB+ | Positive | bb+ | Satisfactory | Significant | Strong (0) | Neutral (0) | bbb- | Comparable ratings analysis: Negative (-1 notch) | |||||||||||||
30 |
James Hardie International Group Ltd. |
Ireland | BB+ | Stable | bb+ | Fair | Intermediate | Adequate (0) | Neutral (0) | bb+ | ||||||||||||||
31 |
Masonite International Corp. |
Canada | BB+ | Stable | bb+ | Fair | Intermediate | Adequate (0) | Neutral (0) | bb+ | ||||||||||||||
32 |
Rexel S.A. |
France | BB+ | Stable | bb+ | Satisfactory | Significant | Strong (0) | Neutral (0) | bb+ | ||||||||||||||
33 |
Standard Building Solutions Inc. |
U.S. | BB+ | Stable | bb+ | Satisfactory | Aggressive | Strong (0) | Neutral (0) | bb | Comparable ratings analysis: Positive (+1 notch) | |||||||||||||
34 |
Summit Materials LLC |
U.S. | BB+ | Stable | bb+ | Satisfactory | Aggressive | Strong (0) | Neutral (0) | bb | Comparable ratings analysis: Positive (+1 notch) | |||||||||||||
35 |
KCC Corp. |
Korea, Republic of | BB+ | Stable | bb+ | Satisfactory | Aggressive | Adequate (0) | Neutral (0) | bb | Comparable ratings analysis: Positive (+1 notch) | |||||||||||||
36 |
Builders FirstSource Inc. |
U.S. | BB | Positive | bb | Fair | Intermediate | Strong (0) | Neutral (0) | bb+ | Comparable ratings analysis: Negative (-1 notch) | |||||||||||||
37 |
American Builders & Contractors Supply Co. Inc. |
U.S. | BB | Positive | bb | Satisfactory | Significant | Strong (0) | Neutral (0) | bb+ | Comparable ratings analysis: Negative (-1 notch) | |||||||||||||
38 |
Titan Cement International |
Belgium | BB | Positive | bb | Fair | Significant | Adequate (0) | Neutral (0) | bb | ||||||||||||||
39 |
Advanced Drainage Systems Inc. |
U.S. | BB | Stable | bb | Fair | Intermediate | Adequate (0) | Neutral (0) | bb+ | Comparable ratings analysis: Negative (-1 notch) | |||||||||||||
40 |
Zurn Elkay Water Solutions Corp. |
U.S. | BB | Stable | bb | Fair | Intermediate | Adequate (0) | Neutral (0) | bb+ | Comparable ratings analysis: Negative (-1 notch) | |||||||||||||
41 |
UNACEM Corp. S.A.A. |
Peru | BB | Stable | bb | Fair | Intermediate | Less than adequate (-1) | Neutral (0) | bb+ | ||||||||||||||
42 |
Arcosa Inc. |
U.S. | BB | Stable | bb | Weak | Intermediate | Adequate (0) | Neutral (0) | bb | ||||||||||||||
43 |
Knife River Corporation |
U.S. | BB | Stable | bb | Fair | Significant | Adequate (0) | Neutral (0) | bb | ||||||||||||||
44 |
SiteOne Landscape Supply Inc. |
U.S. | BB | Stable | bb | Fair | Significant | Adequate (0) | Neutral (0) | bb | ||||||||||||||
45 |
84 Lumber Co. |
U.S. | BB- | Positive | bb- | Weak | Intermediate | Adequate (0) | Neutral (0) | bb | Comparable ratings analysis: Negative (-1 notch) | |||||||||||||
46 |
Core & Main L.P. |
U.S. | BB- | Positive | bb- | Fair | Significant | Adequate (0) | Neutral (0) | bb | Comparable ratings analysis: Negative (-1 notch) | |||||||||||||
47 |
Interface Inc. |
U.S. | BB- | Stable | bb- | Fair | Significant | Adequate (0) | Neutral (0) | bb | Comparable ratings analysis: Negative (-1 notch) | |||||||||||||
48 |
Tamko Building Products LLC |
U.S. | BB- | Stable | bb- | Fair | Significant | Adequate (0) | Negative (-1) | bb | Financial Policy: Negative (-1 notch) | |||||||||||||
49 |
GMS Inc. |
U.S. | BB- | Stable | bb- | Weak | Significant | Strong (0) | Neutral (0) | bb- | ||||||||||||||
50 |
CPG International LLC d/b/a/ The Azek Co. |
U.S. | BB- | Stable | bb- | Weak | Significant | Adequate (0) | Neutral (0) | bb- | ||||||||||||||
51 |
Beacon Roofing Supply Inc. |
U.S. | BB- | Stable | bb- | Fair | Aggressive | Strong (0) | Neutral (0) | bb- | ||||||||||||||
52 |
Jeld-Wen Inc. |
U.S. | BB- | Stable | bb- | Fair | Aggressive | Strong (0) | Neutral (0) | bb- | ||||||||||||||
53 |
Quikrete Holdings Inc. |
U.S. | BB- | Stable | bb- | Fair | Aggressive | Strong (0) | Neutral (0) | bb- | ||||||||||||||
54 |
Smyrna Ready Mix Concrete |
U.S. | BB- | Stable | bb- | Fair | Aggressive | Adequate (0) | Neutral (0) | bb- | ||||||||||||||
55 |
PGT Innovations Inc. |
U.S. | B+ | WatchPos | b+ | Weak | Significant | Strong (0) | Neutral (0) | bb- | Comparable ratings analysis: Negative (-1 notch) | |||||||||||||
56 |
MI Windows and Doors LLC |
U.S. | B+ | WatchPos | b+ | Fair | Highly leveraged | Adequate (0) | Neutral (0) | b | Comparable ratings analysis: Positive (+1 notch) | |||||||||||||
57 |
Tarkett Participation |
France | B+ | Stable | b+ | Fair | Aggressive | Strong (0) | Neutral (0) | bb- | Comparable ratings analysis: Negative (-1 notch) | |||||||||||||
58 |
BlueLinx Holdings Inc. |
U.S. | B+ | Stable | b+ | Weak | Aggressive | Adequate (0) | Neutral (0) | b+ | ||||||||||||||
59 |
SIG plc |
U.K. | B+ | Stable | b+ | Weak | Aggressive | Adequate (0) | Neutral (0) | b+ | ||||||||||||||
60 |
Griffon Corp. |
U.S. | B+ | Stable | b+ | Fair | Highly leveraged | Adequate (0) | Neutral (0) | b | Comparable ratings analysis: Positive (+1 notch) | |||||||||||||
61 |
Quimper AB |
Sweden | B+ | Stable | b+ | Fair | Highly leveraged | Adequate (0) | FS-6 (0) | b | Comparable ratings analysis: Positive (+1 notch) | |||||||||||||
62 |
Wilsonart LLC |
U.S. | B+ | Stable | b+ | Fair | Highly leveraged | Adequate (0) | FS-6 (0) | b | Comparable ratings analysis: Positive (+1 notch) | |||||||||||||
63 |
Janus International Group LLC |
U.S. | B | Positive | b | Fair | Highly leveraged | Adequate (0) | Neutral (0) | b | ||||||||||||||
64 |
AmeriTex Holdco Intermediate, LLC |
U.S. | B | Stable | b | Weak | Aggressive | Adequate (0) | Neutral (0) | b+ | Comparable ratings analysis: Negative (-1 notch) | |||||||||||||
65 |
BME Group Holding B.V. |
Netherlands | B | Stable | b | Fair | Highly leveraged | Adequate (0) | FS-6 (0) | b | ||||||||||||||
66 |
Brookfield Slate Holdings III Ltd. |
Spain | B | Stable | b | Fair | Highly leveraged | Adequate (0) | FS-6 (0) | b | ||||||||||||||
67 |
Cornerstone Building Brands Inc. |
U.S. | B | Stable | b | Fair | Highly leveraged | Adequate (0) | FS-6 (0) | b | ||||||||||||||
68 |
Enstall Group B.V. |
Netherlands | B | Stable | b | Fair | Highly leveraged | Adequate (0) | FS-6 (0) | b | ||||||||||||||
69 |
Hestiafloor 2 |
France | B | Stable | b | Fair | Highly leveraged | Adequate (0) | FS-6 (0) | b | ||||||||||||||
70 |
Infinity Bidco 1 Ltd. |
U.K. | B | Stable | b | Fair | Highly leveraged | Adequate (0) | FS-6 (0) | b | ||||||||||||||
71 |
LSF10 Edilians Investments S.a.r.l. |
France | B | Stable | b | Fair | Highly leveraged | Adequate (0) | FS-6 (0) | b | ||||||||||||||
72 |
Oscar AcquisitionCo LLC |
U.S. | B | Stable | b | Fair | Highly leveraged | Adequate (0) | FS-6 (0) | b | ||||||||||||||
73 |
Stellagroup |
France | B | Stable | b | Fair | Highly leveraged | Adequate (0) | FS-6 (0) | b | ||||||||||||||
74 |
Chamberlain Group LLC (The) |
U.S. | B | Stable | b | Fair | Highly leveraged | Adequate (0) | FS-6 (0) | b | ||||||||||||||
75 |
White Cap Supply Holdings LLC |
U.S. | B | Stable | b | Fair | Highly leveraged | Adequate (0) | FS-6 (0) | b | ||||||||||||||
76 |
Winterfell Financing S.a.r.l. |
Denmark | B | Stable | b | Fair | Highly leveraged | Adequate (0) | FS-6 (0) | b | ||||||||||||||
77 |
AHF Parent Holding Inc. |
U.S. | B | Stable | b | Weak | Highly leveraged | Adequate (0) | FS-6 (0) | b | ||||||||||||||
78 |
ARC Falcon I Inc. |
U.S. | B | Stable | b | Weak | Highly leveraged | Adequate (0) | FS-6 (0) | b | ||||||||||||||
79 |
Eco Material Technologies Inc. |
U.S. | B | Stable | b | Weak | Highly leveraged | Adequate (0) | FS-6 (0) | b | ||||||||||||||
80 |
Foley Products Co. LLC |
U.S. | B | Stable | b | Weak | Highly leveraged | Adequate (0) | FS-6 (0) | b | ||||||||||||||
81 |
Foundation Building Materials Inc. |
U.S. | B | Stable | b | Weak | Highly leveraged | Adequate (0) | FS-6 (0) | b | ||||||||||||||
82 |
GEO Group Inc. (The) |
U.S. | B | Stable | b | Weak | Highly leveraged | Adequate (0) | FS-6 (0) | b | ||||||||||||||
83 |
Groupe Solmax Inc. |
Canada | B | Stable | b | Weak | Highly leveraged | Adequate (0) | FS-6 (0) | b | ||||||||||||||
84 |
HT TROPLAST GmbH |
Germany | B | Stable | b | Weak | Highly leveraged | Adequate (0) | Neutral (0) | b | ||||||||||||||
85 |
Kodiak Building Partners Inc. |
U.S. | B | Stable | b | Weak | Highly leveraged | Adequate (0) | FS-6 (0) | b | ||||||||||||||
86 |
Mannington Mills Inc. |
U.S. | B | Stable | b | Weak | Highly leveraged | Adequate (0) | Neutral (0) | b | ||||||||||||||
87 |
New AMI I LLC |
U.S. | B | Stable | b | Weak | Highly leveraged | Adequate (0) | FS-6 (0) | b | ||||||||||||||
88 |
New Enterprise Stone & Lime Co. Inc. |
U.S. | B | Stable | b | Weak | Highly leveraged | Adequate (0) | Neutral (0) | b | ||||||||||||||
89 |
Specialty Building Products Holdings LLC |
U.S. | B | Stable | b | Weak | Highly leveraged | Adequate (0) | FS-6 (0) | b | ||||||||||||||
90 |
Cook & Boardman Group LLC (The) |
U.S. | B | Stable | b | Weak | Highly leveraged | Adequate (0) | FS-6 (0) | b | ||||||||||||||
91 |
Aquiles Spain Bidco S.A. |
Spain | B | Negative | b | Fair | Highly leveraged | Adequate (0) | FS-6 (0) | b | ||||||||||||||
92 |
CP Atlas Buyer Inc. |
U.S. | B- | Stable | b- | Fair | Highly leveraged | Adequate (0) | FS-6 (0) | b | Comparable ratings analysis: Negative (-1 notch) | |||||||||||||
93 |
LSF10 XL Investments S.a.r.l. |
Luxembourg | B- | Stable | b- | Fair | Highly leveraged | Adequate (0) | FS-6 (0) | b | Comparable ratings analysis: Negative (-1 notch) | |||||||||||||
94 |
Neptune Holdco S.a.r.l. |
Luxembourg | B- | Stable | b- | Fair | Highly leveraged | Adequate (0) | FS-6 (0) | b | Comparable ratings analysis: Negative (-1 notch) | |||||||||||||
95 |
Park River Holdings Inc. |
U.S. | B- | Stable | b- | Fair | Highly leveraged | Adequate (0) | FS-6 (0) | b | Comparable ratings analysis: Negative (-1 notch) | |||||||||||||
96 |
SRS Distribution Inc. |
U.S. | B- | Stable | b- | Fair | Highly leveraged | Adequate (0) | FS-6 (0) | b | Comparable ratings analysis: Negative (-1 notch) | |||||||||||||
97 |
DiversiTech Holdings Inc. |
U.S. | B- | Stable | b- | Weak | Highly leveraged | Adequate (0) | FS-6 (0) | b- | ||||||||||||||
98 |
IPS Corp. |
U.S. | B- | Stable | b- | Weak | Highly leveraged | Adequate (0) | FS-6 (0) | b- | ||||||||||||||
99 |
LBM Acquisition LLC |
U.S. | B- | Stable | b- | Weak | Highly leveraged | Adequate (0) | FS-6 (0) | b- | ||||||||||||||
100 |
Patagonia Holdco 3 Ltd. |
U.K. | B- | Stable | b- | Weak | Highly leveraged | Adequate (0) | FS-6 (0) | b- | ||||||||||||||
101 |
Sabre Industries Inc. |
U.S. | B- | Stable | b- | Weak | Highly leveraged | Adequate (0) | FS-6 (0) | b- | ||||||||||||||
102 |
Werner FinCo L.P. |
U.S. | B- | Negative | b- | Weak | Highly leveraged | Adequate (0) | FS-6 (0) | b- | ||||||||||||||
103 |
ACProducts Inc. |
U.S. | CCC+ | Negative | N.A. | N.A. | N.A. | N.A. | FS-6 (0) | N.A. | ||||||||||||||
104 |
Apex Tool Group LLC |
U.S. | CCC+ | Negative | N.A. | N.A. | N.A. | N.A. | FS-6 (0) | N.A. | ||||||||||||||
105 |
Compact Bidco B.V. |
Netherlands | CCC+ | Negative | N.A. | N.A. | N.A. | N.A. | FS-6 (0) | N.A. | ||||||||||||||
106 |
Plaskolite PPC Intermediate II LLC |
U.S. | CCC+ | Negative | N.A. | N.A. | N.A. | N.A. | FS-6 (0) | N.A. | ||||||||||||||
107 |
Ideal Standard International S.A. |
Luxembourg | CCC | Developing | N.A. | N.A. | N.A. | N.A. | FS-6 (0) | N.A. | ||||||||||||||
N.A.--Not applicable. Source: S&P Global Ratings. |
The table and charts in this publication provide an overview of the 107 entities we rate in the building material industry. We rate 28 entities as investment-grade ('BBB-' and above) and 79 entities as speculative-grade ('BB+' and below).
About 74% of building material companies carry ratings below 'BBB-'. Financial sponsors own about 53% of these companies, and they carry comparatively higher financial risk.
Chart 1
Chart 2
About 82% of rating outlooks are stable indicating decent rating headroom, built over last couple of years, and balance capital allocation. Seven percent of rating outlooks are negative, which reflects the effect of high debt service cost on cash flows and the pressure on margins from subdued demand.
Chart 3
Chart 4
Our business risk profile assessments typically mirror our view of the competitive position in this sector (see chart 5).
Chart 5
The most common financial risk profile assessments in this sector are highly leveraged (see chart 6).
The highly leveraged assessments typically reflect companies with stretched balance sheets and sponsor-backed holding company loans. About 39% of issuers have financial sponsor ownership (see chart 7). Highly leveraged assessed companies are rated B+ or lower.
Chart 6
Chart 7
Roughly 30% of the ratings incorporate one or more modifiers. This is often the comparative rating analysis that we use for credit considerations that we have not factored into the ratings. In the remaining cases our assessment of a company's financial policy refines the view of a company's risks beyond the conclusions arising from the standard assumptions in the cash flow/leverage assessment. This could, for example, capture the risks related to a company's appetite for a large-scale debt-financed merger and acquisition, or shareholder distributions that cannot be confidently predicted regarding amount and timing.
Most of our rated building material issuers have liquidity that is adequate or better (see chart 8). This reflects the sector's good access to debt markets. Typically, the amount of cash that building material companies hold, combined with their cash generation and liquidity resources, covers the uses of cash that they have committed over the next 12 months by 1.2x or more.
Chart 8
The ratings and scores in this document are as of Jan. 30, 2024.
Related Criteria
- Criteria | Corporates | General: Corporate Methodology, Jan. 7, 2024
- General Criteria: Group Rating Methodology, July 1, 2019
- Criteria | Corporates | General: Corporate Methodology: Ratios And Adjustments, April 1, 2019
- General Criteria: Rating Government-Related Entities: Methodology And Assumptions, March 25, 2015
Related Research
- Industry Credit Outlook 2024: Building Materials, Jan. 9, 2024
This report does not constitute a rating action.
Primary Credit Analyst: | Renato Panichi, Milan + 39 0272111215; renato.panichi@spglobal.com |
Secondary Contact: | Pascal Seguier, Paris + 33 1 40 75 25 89; pascal.seguier@spglobal.com |
Research Contributors: | Kiran Toshniwal, CRISIL Global Analytical Center, an S&P affiliate, Mumbai |
Varun Kumar, CRISIL Global Analytical Center, an S&P affiliate, Mumbai |
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