Fitch cuts IRPC view to negative

Fitch Ratings said it revised the outlook on IRPC plc to negative from stable, and affirmed its national long-term rating and outstanding senior unsecured debentures at A-(tha) and national short-term rating at F2(tha).

The outlook revision reflects IRPC's weak operating performance in 2008, which resulted in higher-than-expected debt and leverage, Fitch said, as well as lower cash flow projections.

The uncertainty on demand is a key risk for the company, Fitch said. This could further dampen IRPCs financial performance and position, prolong its de-leveraging and reduce its financial flexibility, the agency said.

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