Fitch lowers Essar Projects

Fitch Ratings said it downgraded Essar Projects Ltd.’s long-term foreign-currency issuer default rating to B- from B.

The agency also said it affirmed the company’s short-term foreign-currency issuer default rating at B.

The outlook remains negative.

Essar Projects is the holding company of the various construction companies of Essar Group.

The downgrade reflects the weakening of company’s financial profile, Fitch said.

The downgrade also considers the company’s smaller order book and lower revenue, which are mitigated by greater diversity in its customer base, the agency said.

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