The FINANCIAL — New Delhi/Singapore-10 October 2011: Fitch Ratings has placed India-based Jindal Photo Limited's (JPL) National Long-Term rating of 'Fitch AA-(ind)' on Rating Watch Negative (RWN).
The RWN is caused by Fitch's ongoing review of the company's deteriorating credit profile in light of its adjusted net debt status as at FY11 following a track record of net cash position over FY06-FY10.
Fitch expects to resolve the RWN by 18 October 2011. The RWN indicates that the ratings may be downgraded or remain at the current level; any rating downgrade is likely to be limited to one notch.
Fitch has also placed JPL's instruments on RWN as follows:
INR750m long-term debt programme: 'Fitch AA-(ind)' placed on RWN
INR305m fund-based bank limits: 'Fitch AA-(ind)'/'Fitch A1+(ind)' placed on RWN
INR1,950m non-fund-based bank limits (enhanced from INR1,750m): 'Fitch AA-(ind)'/'Fitch A1+(ind)' placed on RWN
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