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Fitch cuts ITI bonds to D(ind)
Fitch Ratings said it downgraded the rating of the Rs. 1.5 billion J series long-term bonds issued by ITI Ltd. to D(ind)(SO) from AAA(ind)(SO).
The downgrade follows the ITI's default in repaying the principal on the due dates related to the exercise of a Rs. 550 million put option.
Fitch described ITI as a cash-strapped, central public sector undertaking. The J 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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