TEXT-Fitch migrates Piccadily Agro Industries to non-monitored category
(The following statement was released by the rating agency)
June 25 - Fitch Ratings has migrated India-based Piccadily Agro Industries Limited's (PAIL) 'Fitch BBB-(ind)' National Long-Term rating with Stable Outlook to the non-monitored category. This rating will now appear as 'Fitch BBB-(ind)nm' on the agency's website. A list of additional rating actions is provided at the end of this commentary.
The ratings have been migrated to the non-monitored category due to lack of adequate information, and Fitch will no longer provide ratings or analytical coverage of PAIL. The ratings will remain in the non-monitored category for a period of six months and be withdrawn at the end of that period. However, in the event the issuer starts furnishing information during this six-month period, the ratings could be reinstated and will be communicated through a Rating Action Commentary.
Fitch has also classified PAIL's following bank loan ratings to the non-monitored category:
- INR350m cash credit limit migrated to 'Fitch BBB-(ind)nm' from 'Fitch BBB-(ind)'
- INR144m long-term loans migrated to 'Fitch BBB-(ind)nm' from 'Fitch BBB-(ind)'
- INR25m bank guarantee migrated to 'Fitch BBB-(ind)nm'/'Fitch A3(ind)nm' from 'Fitch BBB-(ind)'/'Fitch A3(ind)'
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