(The following statement was released by the rating agency)
July 25 - Fitch Ratings has migrated Metecno India Private Limited's (MIPL) 'Fitch BB-(ind)' National Long-Term rating with a Stable Outlook to the non-monitored category. This rating will now appear as 'Fitch BB-(ind)nm' on the agency's website. A list of additional rating actions is provided at the end of this commentary.
The ratings have been migrated to the non-monitored category due to lack of adequate information, and Fitch will no longer provide ratings or analytical coverage of MIPL. The ratings will remain in the non-monitored category for a period of six months and be withdrawn at the end of that period. However, in the event the issuer starts furnishing information during this six-month period, the ratings could be reinstated and will be communicated through a rating action commentary.
Fitch has also migrated MIPL's bank loan ratings to the non-monitored category as follows:
- INR122m long-term loans: migrated to National Long-Term 'Fitch BB-(ind)nm' from 'Fitch BB-(ind)'
- INR130m fund-based working capital limits: migrated to National Long-Term 'Fitch BB-(ind)nm' from 'Fitch BB-(ind)'
- INR200m non-fund-based working capital limits: migrated to National Short-Term 'Fitch A4+(ind)nm' from 'Fitch A4+(ind)'