Fitch rates Hindustan Organic debt F1(ind)

Fitch Ratings said it has withdrawn the F1+(ind)(SO) rating assigned to Hindustan Organic Chemicals Ltd.'s Rs.1,000 million short-term non-convertible debenture program that matured Aug. 26 as it has been paid in full. The agency also assigned a new rating of F1+(ind)(SO) to the same program that the company plans to roll over to next year, redeemable Aug. 28, 2009.

The rating is based solely on the guarantee extended by the government of India, which covers the repayment of principal and interest, Fitch said.

The rating is further supported by the financial structure ensuring due and timely payment of debt service and opinion from the legal counsel, the agency said.

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