Fitch cuts Parsvnath Developer debt to A-(ind)

Fitch Ratings said it downgraded Parsvnath Developer Ltd.'s issuer rating to A-(ind) from A(ind), along with its Rs.2 billion long-term debt and Rs.9 billion long-term bank loan ratings to A-(ind) from A(ind) and its Rs.1 billion short-term debt to F2+(ind) from F1(ind). Fitch also assigned a rating of F2+(ind) to its Rs.1 billion proposed short-term debt program.

The outlook is stable.

The downgrade reflects the weakening of the company's credit metrics through financial year-end 2008 and an expectation that debt levels will continue to remain high throughout fiscal year 2009, Fitch said.

Fitch also said it considered the growing liquidity pressure on the company with a significant increase in refinancing risk in 2009.

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