Fitch drops India Glycol

Fitch Ratings said it has downgraded India Glycol Ltd.'s national long-term rating to BBB+(ind) from A(ind).

The outlook is stable.

Fitch said it has simultaneously downgraded India Glycol's rated instruments as follows:

• Rs. 3.376 billion of long-term bank loans to BBB+(ind) from A(ind);

• Rs. 2.25 billion of fund-based cash credit limits to BBB+(ind)/F2(ind) from A(ind)/F1(ind); and

• Rs. 1 billion of non fund-based limits to F2(ind) from F1(ind).

According to the agency, the downgrade follows the poor financial performance of the company between Q3FY09 and Q1FY10, caused primarily by the downturn in the Mono-Ethylene Glycols industry.

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