Fitch ups Videocon view to stable

Fitch Ratings said it revised Videocon Industries Ltd.'s outlook to stable from negative and affirmed its national long-term rating at A-(ind), Rs. 44.30 billion long-term loans at A-(ind), Rs. 6 billion commercial paper at F1(ind), Rs. 4.5 billion fund-based working capital limits at A-(ind)/F1(ind), Rs. 6.98 billion non-fund based working capital limits at A-(ind)/F1(ind) and Rs. 2.52 billion fungible working capital at A-(ind)/F1(ind).

The outlook revision reflects the reduced uncertainty with regard to the company's investment plans in new businesses, specifically power and telecom, Fitch said.

The agency said it excludes the telecom business from its consolidated view of Videocon to reflect the lack of operating linkages with its core business, the agency said, and the fact that it does not form a part of the group's longer-term strategy.

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