Fitch cuts Ennore Coke

Fitch Ratings said it downgraded Ennore Coke Ltd.'s national long-term rating to D(ind) from BBB(ind) and reassigned it a rating of B+(ind) to reflect its revised credit profile.

The agency also said it downgraded and then reassigned ratings to its Rs. 122.5 million fund-based limits to D(ind)/F5(ind) from BBB(ind)/F3(ind) and reassigned at B+(ind)/F4(ind); Rs. 1.65 billion non-fund based limits to D(ind)/F5(ind) from BBB(ind)/F3(ind) and reassigned at B+(ind)/F4(ind); Rs. 490.5 million term loans to D(ind) from BBB(ind) and reassigned at B+(ind); and Rs. 33 million treasury to D(ind)/F5(ind) from BBB(ind)/F3(ind) and reassigned at B+(ind)/F4(ind).

The outlook is stable.

The downgrades reflect the delays in interest and principal payments on its terms loans from March to September on account of liquidity pressures faced by the company, Fitch said.

The ratings also factor in the support from its promoter - Shriram group, led by Shriram EPC, the agency said. But while the group did provide support, it was not timely, Fitch added.

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