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Article: Fitch downgrades rating of debt programme of Hinduja Foundries.
- Article from:
- PTI - The Press Trust of India Ltd.
- Article date:
- December 3, 2008
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Fitch downgrades rating of debt programme of Hinduja Foundries
New Delhi, Dec 3 (PTI) -- Global rating agency Fitch today downgraded rating of Rs 20-crore debt programme of Hinduja Foundries Ltd, an iron and aluminium casting manufacturer, due to slowdown in the auto industry.
The agency revised down the company's national short-term rating of its commercial paper programme to F2 from F1 and simultaneously withdrew the rating.
"The downgrade reflects the impact of the auto industry slowdown on HFL's revenues and cash flows and the likely impact that HFL's current Rs 300 crore capex plan will have on its financial leverage," Fitch said ...