"The depreciation of the Indian currency observed thus far would have limited impact on the international ratings of Indian corporates," the ratings agency said in its report, 'International Ratings of Indian Corporates Stable'.

The rupee has depreciated by over 16 per cent against the US dollar so far this fiscal on account of outflows by FIIs amid the global economic slowdown.

Fitch said though the situation may not warrant any ratings revision at present, it could change if there is a further slide in the Indian currency.

"While Fitch takes conservative estimates of both profitability and capital structure -- which presently provide a cushion to the ratings, a further 10-15 per cent depreciation of the rupee against the US dollar could potentially have a negative impact on some of the ratings," it said.

Fitch currently rates 19 Indian corporates on the international rating scale.

Of these, seven are rated at 'BBB-', eight are in the 'BB' rating category and four are rated in the 'B' category.

These ratings denote a moderate to elevated default risk.

According to Fitch, ten of the Indian companies rated by it import a negligible quantity of raw materials for production and as such, their costs are neutral to foreign exchange fluctuation.

"These companies also have negligible exports and are unlikely to face an operating margin squeeze," the report said.

Of the remaining companies in its list, seven belonging mostly to the commodity or natural resources sector import 40 per cent to 100 per cent of their raw materials requirement.

As such, they are expected to experience a reduction in their operating profit of 5-10 per cent, Fitch said.

"There are two companies whose exports outweigh imports and therefore are expected to benefit from rupee depreciation," it said.

Among the companies in its client list, 12 corporates have foreign currency debt ranging from 10 per cent to 90 per cent of their total debt, with an average of 40 per cent.

"Of these, seven corporates are expected to face a marginal deterioration in coverage ratios to the extent these foreign currency loans are unhedged," Fitch said.

It further added: "The impact of the falling rupee on the ability to service debt would be limited as the proportion of debt which matures in the next one to two years is limited."

Overall, of the 19 companies rated by Fitch, ten will see their operating margins impacted by rupee depreciation.