Fitch may cut Polycab Wires

Fitch Ratings said it placed Polycab Wires Pvt Ltd.'s national long-term rating of A+(ind) on rating watch negative, along with the A+(ind) rating of its cash credit facilities totaling Rs.500 million, A+(ind)/F1(ind) rating of its fund-based working capital facilities totaling Rs.5.1 billion, F1(ind) rating of its Rs.9.14 billion non fund-based working capital lines and F1(ind) ratings of its Rs.500 million commercial-paper program to be carved out of fund-based working capital limits.

The watch reflects the lack of clarity with regard to the company's outstanding derivative contracts, Fitch said, and the consequent impact on its credit profile during 2009.

Fitch said it currently awaits information and discussions with the management team in order to resolve the rating watch.

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