(The following statement was released by the rating agency)
July 13 - Fitch Ratings has withdrawn India-based Varun Shipping Company Ltd's (Varun Shipping) National Long-Term rating of 'Fitch BBB+(ind)nm'. A list of additional rating actions is provided at the end of this commentary.
The ratings have been withdrawn due to lack of adequate information. Fitch will no longer provide ratings or analytical coverage of Varun Shipping.
Fitch migrated Varun Shipping to the non-monitored category on 1 December 2011 (please see the rating action commentary available at www.fitchratings.com).
Fitch has also withdrawn Varun Shipping's bank loan ratings as follows:
- INR26.98bn long-term loans: National Long-Term 'Fitch BBB+(ind)nm'; rating withdrawn
- INR0.25bn short-term fund-based limits: National Short-Term 'Fitch A2(ind)nm'; rating withdrawn
- INR20m short-term non-fund-based limits: National Short-Term 'Fitch A2(ind)nm'; rating withdrawn