Fitch cuts Color Roof India

Fitch Ratings said it downgraded Color Roof India Ltd.'s national long-term rating to BB+ from BBB.

The outlook is stable.

Fitch said it also downgraded Color Roof's bank loan ratings, as follows: long term debt of Rs. 211 million to BB+ from BBB, Rs. 260 million cash credit facility to BB+ from BBB and non-fund based working capital loans of Rs. 490 million to F4 from F2.

The downgrades reflect the sharp deterioration in Color Roof's credit metrics as the slowdown in the construction sector resulted in lower-than-expected profitability.

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