TEXT-Fitch places Polycab Cables on rating watch negative
(The following statement was released by the ratings agency)
May 25 - Fitch Ratings has today placed Polycab Cables Pvt Ltd.'s (PCPL) National Long-term rating of 'A-(ind)' on Rating Watch Negative (RWN). The ratings of the following instruments have also been placed on RWN:
- 'F2+(ind)' rating of its cash credit facilities totalling INR80m
- 'F2+(ind)' rating of its fund-based working capital facilities totalling INR160m
The RWN follows the same action on Polycab Wires Pvt Ltd's (PWPL) National Long-term 'A+(ind)' rating. The RWN indicates that the ratings may be downgraded or affirmed. The RWN on PCPL will be resolved after the Watch status on PWPL has been removed. For more information on the PWPL rating action, please refer to separate Fitch Rating Action Commentary published on 25 May 2009 on www.fitchresearch.com.
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