Fitch: Pantaloon on evolving watch

Fitch Ratings said it placed Pantaloon Retail (India) Ltd.'s national long-term rating of A-(ind) on rating watch evolving.

The agency added that the following instruments of Pantaloon have also been placed on evolving watch: long-term loans of Rs. 23.5 billion at A-(ind); non-convertible debenture of Rs. 2.5 billion at A-(ind); short-term loans of Rs. 2.9 billion at F2+(ind); and working capital limits of Rs. 18.8 billion at A-(ind)/F2+(ind).

The rating action follows the company's plan to hive off its value retailing business, including its big bazaar, food bazaar and other value retail formats, into a wholly owned subsidiary of Pantaloon, Future Value Retail Ltd., the agency added.

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