Fitch affirms Polycab Cables

Fitch Ratings said it removed Polycab Cables Pvt Ltd.'s national long-term rating from Rating Watch negative and affirmed the rating at A-(ind). The agency also said it removed from the Rating Watch negative the Rs. 80 million fund-based working capital limits at F2+(ind) and Rs. 160 million non fund-based facilities at F2+(ind).

The outlook is stable.

The affirmation follows the resolution of the Rating Watch negative on its parent, Polycab Wires Pvt Ltd., which is rated A+(ind)/F1(ind) with stable view.

During the first half of 2010, the company reported revenue of Rs.309 million, which is 56% lower than revenue reported in the first half of 2009, Fitch said.

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