Fitch may cut Genus Power

Fitch Ratings said it placed Genus Power Infrastructures Ltd.'s A-(ind) national long-term rating on Rating Watch negative, along with its long-term bank loans of Rs. 154 million of A-(ind), fund-based working capital limits of Rs. 1.6 billion of A-(ind)/F1(ind), non-fund based working capital limits of Rs. 4.98 billion of A-(ind)/F1(ind) and short-term debt/commercial paper of Rs. 1 billion (carved out of fund-based working capital limits of F1(ind).

The watch follows the collateral damage that the company suffered in late October at its Jaipur plant following a fire that broke out at an Indian Oil Corp. Ltd. depot, Fitch said.

The agency said it understands that a detailed survey of the damage is currently underway and it could take three to five months for operations at its Jaipur facility to resume fully.

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