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Fitch cuts ITI bond to D
Fitch Ratings said it downgraded the rating of ITI Ltd.'s Rs.500 million long-term government of India-guaranteed bonds program to D(ind)(SO) from AAA(ind)(SO), and removed the rating from Rating Watch negative.
The action follows the default by ITI in repaying the principal on the due date pursuant to the exercise of a put option to an extent of circa Rs140 million, the agency said.
ITI is a cash-strapped, central public sector undertaking. The 'I' series bond issuance was made on the strength of a guarantee from the Government of India, which has not been invoked.
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