Fitch cuts Infomedia India CP to F1

Fitch Ratings said it downgraded Infomedia India Ltd.'s Rs. 250 million commercial paper program to F1 from F1+(ind).

The downgrade reflects the deterioration in Infomedia's revenues and profitability resulting from the appreciating rupee, which had an impact on its publishing outsourcing business, coupled with relatively muted growth in its core publishing business, which is its key profit driver, Fitch said.

The rating considers the company's dominant market position in the directory services segment through its flagship product "Yellow Pages," the agency said.

The rating also factors in the company's strong position as one of the largest organized printers in the country, Fitch said.

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