Fitch affirms Pantaloon

Fitch Ratings said it affirmed the rating of A-(ind) to Pantaloon Retail (India) Ltd.'s proposed Rs. 5 billion non-convertible debenture, which was lifted from Rs. 2.5 billion.

Fitch said it has also affirmed the company's national long-term rating at A-(ind).

The outlook is stable.

At the same time, the agency added that it has affirmed the ratings of the company's bank loans as follows:

• Rs. 25.95 billion long-term loans affirmed at A-(ind);

• Rs. 4 billion short-term loans affirmed at F1(ind); and

• Rs. 18.75 billion working capital limits affirmed at A-(ind)/F1(ind).

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