(The following statement was released by the rating agency)
March 14 - Fitch Ratings has withdrawn India-based Hydroair Tectonics (PCD) Ltd's (HTPL) National Long-Term 'Fitch BBB(ind)nm' rating. Simultaneously, the agency has withdrawn HTPL's bank loan ratings as follows:
INR250m long-term bank loans: 'Fitch BBB(ind)nm'; rating withdrawn
INR960m fund-based working capital limits: 'Fitch BBB(ind)nm'; rating withdrawn
INR1300m non-fund-based working capital limits: 'Fitch A2(ind)nm'; rating withdrawn
The ratings have been withdrawn due to lack of adequate information. Fitch will no longer provide ratings or analytical coverage of HTPL.
Fitch migrated HTPL to the non-monitored category on 30 August 2011 (please see, the rating action commentary available at www.fitchratings.com).