(The following statement was released by the rating agency)
Feb 29 - Fitch Ratings has migrated India-based T & T Motors Limited's (TTML) 'Fitch BB(ind)' National Long-Term rating with a Stable Outlook to the non-monitored category. This rating will now appear as 'Fitch BB(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 TTML. The ratings will remain in the non-monitored category for a period of six months and be withdrawn at the end of that period.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 migrated TTML's following bank loan ratings to the non-monitored category:
- INR377.5m term loans: migrated to 'Fitch BB(ind)nm' from 'Fitch BB(ind)'
- INR360.4m fund-based working capital limits: migrated to 'Fitch BB(ind)nm'/'Fitch A4+(ind)nm' from 'Fitch BB(ind)'/'Fitch A4+(ind)'
- INR25m non fund-based working capital limits: migrated to 'Fitch BB(ind)nm'/'Fitch A4+(ind)nm' from 'Fitch BB(ind)'/'Fitch A4+(ind)'