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Fitch cuts Ambica Steels to BB+(ind)
Fitch Ratings said it downgraded Ambica Steels Ltd.'s national long-term rating to BB+(ind) from BBB-(ind). The outlook is stable.
Fitch also downgraded Ambica Steels' rated instruments as follows: INR 397.3 million (reduced from INR 450 million) long-term bank loans to BB+(ind) from BBB-(ind); INR 600 million (reduced from INR 750 million) fund-based cash credit limits to BB+(ind) from BBB-(ind); and INR 1 billion (reduced from INR 1.25 billion) non fund-based limits to F4(ind) from F3(ind).
The downgrade in ratings reflects the material deterioration in key credit metrics and financial profile of the company in fiscal year 2009, Fitch said.
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