Fitch: Value Industries view negative

Fitch Ratings said it revised Value Industries Ltd.'s outlook to negative from stable and affirmed its national long-term rating at BBB+(ind).

The negative outlook reflects the outlook on parent Videocon Industries Ltd. (A-(ind)/negative/F1(ind)) and expectation that the company will continue to face revenue and margin pressures in the near term, according to the agency.

Any material deterioration in a net debt-to-EBITDA ratio above 6.3x on a sustained basis could act as a negative trigger for the rating, the agency noted. The company reported a net debt-to-EBITDA ratio of 4.4x in fiscal year-end 2008.

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