Fitch cuts Jalandhar Amritsar

Fitch Ratings said it downgraded Jalandhar Amritsar Tollways Ltd.'s long-term project bank loans to BB+(ind) from BBB-(ind) and placed the ratings on Ratings Watch negative.

The company is a special purpose vehicle sponsored by IVRCL Assets and Holdings Ltd., which in turn is an 80% subsidiary of IVRCL Infrastructure and Projects Ltd., Fitch said.

The downgrade reflects the worsened financial position of a company project compared to previous assessments, following eight months of revenue underperformance, the agency said.

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