Fitch: Hindustan Organic Chemicals revival package approval a plus

Fitch Ratings said that the Indian cabinet's recent approval of Hindustan Organic Chemicals Ltd.'s (HOCL) revival package is a positive development.

Fitch said it previously assigned an expected national short-term rating of F1+(ind)(so) to the Rs. 1 billion nonconvertible debenture program, based on the unconditional and irrevocable guarantee extended by the Government of India.

The package consist of grants aggregating Rs. 750 million and subscription by way of non cumulative redeemable preference shares aggregating Rs. 1.75 billion by the government, Fitch noted.

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