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Published on 12/10/2008 in the Prospect News Emerging Markets Daily.

Fitch cuts LG Balakrishnan view to negative

Fitch Ratings said it revised the outlook to negative from stable on LG Balakrishnan & Bros Ltd., and affirmed its national long-term at A(ind) and A(ind) rating on to its Rs.1 billion long-term optionally convertible debenture program.

The negative outlook reflects the current slowdown in the auto industry and the likely impact this will have on the company's revenues, profitability and credit metrics, Fitch said.

Fitch also said it is concerned about the performance of its forgings unit that was hived off into a separate company.


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