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Fitch cuts STL Global
Fitch Ratings said it downgraded STL Global Ltd.'s national long-term rating to C(ind) from BBB-(ind) and its Rs.1.13 billion fund-based limits to C(ind)/F5(ind) from BBB-(ind)/F3(ind) and Rs.209.2 million non-fund based limits to C(ind)/F5(ind) from BBB-(ind)/F3(ind).
The downgrade follows the sharp deterioration in the financial performance of the company, especially during the fourth quarter of 2009 when it reported EBITDA losses, which has impaired its ability to make payments on its debt obligations, Fitch said.
The agency said it treated STL's offer of financial restructuring with banks as "coercive," reflecting the deterioration in its financial profile during the quarter that ended in March.
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