TEXT-Fitch cuts Govind Rubber; assigns final 'Fitch D(ind)'

Newswire

(The following statement was released by the rating agency) Aug 30- Fitch Ratings has downgraded India-based Govind Rubber Limited's (GRL) National Long-Term rating to 'Fitch D(ind)(exp)' from 'Fitch B(ind)(exp)'. Simultaneously, the agency has assigned GRL a final rating of 'Fitch D(ind)'. A list of additional rating actions is provided at the end of this commentary. The downgrades reflect GRL's delays in servicing its debt obligations in FY11 due to its high working capital ...

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