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Fitch may cut Krishna, Eskay, Actif, Global Softech
Fitch Ratings said it placed all national ratings of Krishna Knitwear Technology Ltd., Eskay Knit India Ltd., Actif Corp. Ltd. and Global Softech Ltd. promoted by the Tayal family on Rating Watch negative following an interim order from the Securities and Exchange Board of India, restraining them and its various group entities from accessing the capital markets or from dealing in securities.
Krishna Knitwear's BBB+(ind) national long-term rating and F2(ind) short-term ratings for working capital facilities were placed on Rating Watch negative, along with its non-fund based limits of Rs. 195 million at F2(ind), fund-based limits of Rs. 4.1 billion at BBB+(ind)/F2(ind) and long-term loans of Rs. 6.6 billion at BBB+(ind).
Eskay's BBB+(ind) national long- term rating and F2(ind) short-term ratings for working capital facilities were placed on Rating Watch negative, along with its non-fund based limits of Rs. 40 million at F2(ind), fund-based limits of Rs. 1.2 billion of BBB+(ind), long-term loans of Rs. 1.32 million of BBB+(ind) and proposed issue of Rs. 1 billion at BBB+(ind).
Actif's BB+(ind) national long- term rating and F4(ind) short-term ratings for working capital facilities were placed on Rating Watch negative, along with non-fund based limits of Rs. 25 million at F4(ind), cash credit limits of Rs. 320 million at BB+(ind) and long-term loans of Rs. 1.93 million at BB+(ind).
Global Softech's bank loan facility of Rs. 90 million at F2(ind)(SO) was placed on Rating Watch negative, cash credit limits of Rs. 850 million at BBB+(ind)(SO) and long-term loans of Rs. 2 billion at BBB+(ind)(SO).
The negative watch reflects the possible negative impact on the Tayal Group's companies as the agency said it believes it could have an adverse impact on financial flexibility.
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