by NR INDRAN / INT
Fitch Ratings-New Delhi/Singapore-: Fitch Ratings has migrated India-based Elkay Telelinks Limited’s (Elkay) ‘BBB-(ind)’ National Long-Term rating to the “Non-Monitored” category. This rating will now appear as ‘Fitch BBB-(ind)nm’ on the agency’s website. Simultaneously, the agency has classified the following bank loan ratings as “Non-Monitored”:

– INR75m fund-based working capital limits: migrated to ‘Fitch BBB-(ind)nm’/’Fitch A3(ind)nm’ from ‘BBB-(ind)’/’F3(ind)’; and
– INR80m non-fund based working capital limits: migrated to ‘Fitch BBB-(ind)nm’/’Fitch A3(ind)nm’ from ‘BBB-(ind)’/’F3(ind)’

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 Elkay. The ratings will remain in the “Non-Monitored” category for a period of six months and be withdrawn at the end of that period.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 re-activated and will be communicated through a “Rating Action Commentary”.

Note to Editors: Fitch’s National ratings provide a relative measure of creditworthiness for rated entities in countries with relatively low international sovereign ratings and where there is demand for such ratings. National ratings are designed for use mainly by local investors in local markets and are signified by the addition of an identifier for the country concerned, such as ‘Fitch AAA(ind)’ for National ratings in India. Specific letter grades are not therefore internationally comparable.

Additional information is available at www.fitchratings.com.

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