(The following statement was released by the rating agency)
March 01 - Fitch Ratings has migrated India-based Essar Telecom Infrastructure India Private Limited’s (ETIPL) National Long-Term rating of ‘Fitch BBB+(ind)’ on Rating Watch Positive (RWP) to the non-monitored category. The rating will now appear as ‘Fitch BBB+(ind)nm’ on the agency‘s website. A list of additional rating actions is provided below.
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 ETIPL. The ratings will remain in the non-monitored category for a period of six months and be withdrawn at the end of that period.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 classified ETIPL’s following bank loan ratings as non-monitored:
- INR200m cash credit facility: migrated to ‘Fitch BBB+(ind)nm’/‘Fitch A2+(ind)nm’ from ‘Fitch BBB+(ind)'/‘Fitch A2+(ind)'/RWP
- INR470m bank guarantees: migrated to ‘Fitch A2+(ind)nm’ from ‘Fitch A2+(ind)'/RWP
- INR8,050m long-term loan: migrated to ‘Fitch BBB+(ind)nm’ from ‘Fitch BBB+(ind)'/RWP