Fitch cuts Neptune Developers

Fitch Ratings said it downgraded Neptune Developers Ltd.'s national long-term rating to B-(ind) from BB-(ind) and its Rs. 1.6 billion secured non-convertible debentures due 2014 to B-(ind) from BB-(ind).

The outlook is negative.

The downgrade reflects delays in executing the company's major projects and a reduction in cash flows leading to significant refinancing risk in financial year-end March 2014, according to the agency.

Concerns include uncertainty about the company's ability to repay its notes from proceeds of its Ambivali low-cost housing project, the agency noted.

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