Fitch lowers Wockhardt

Fitch Ratings said it downgraded Wockhardt Ltd.'s national long-term rating and Rs. 2 billion long-term debenture program to BBB(ind) from A(ind) and kept the ratings on Rating Watch negative.

The agency said the downgrade reflects the continued pressure on the company's liquidity position driven by delays in both working capital enhancements and infusing funds through its various non-operational initiatives. This, in Fitch's opinion, is expected to constrain Wockhardt's liquidity, and the refinancing of its $140 million foreign-currency convertible bonds falling due in September 2009 also remains a key concern to the agency.

Fitch noted that the operating performance of the company continues to be satisfactory.

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