Credit rating agency, Fitch Ratings has downgraded India’s Adhunik Metaliks National long-term rating to D(ind) from A-(ind) and simultaneously re assigned it a rating of BBB(ind), reflecting the company’s revised credit profile. The Outlook is Stable.

The downgrades reflect the significant delays by Adhunik Metaliks in interest and installment payments of term loans to some banks. Fitch notes that there are no current defaults to any of the banks and while Fitch expects Adhunik Metaliks’s liquidity to improve on account of its various initiatives, the reassigned ratings reflect higher credit risk relative to other entities with similar business and financial risk profiles.

(Sourced from IRIS.com)