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Fitch puts Kumarapalayam Tollways
Fitch Ratings said it placed the BBB(ind) ratings of Kumarapalayam Tollways Ltd.'s long-term project bank loans of Rs.3.19 million and that of its non-fund-based exposure aggregating Rs.114 million, as well as the BBB-(ind) rating of its subordinated debt of Rs.200 million on rating watch negative.
Fitch said it placed the BBB(ind) ratings of Salem Tollways Ltd.'s long-term project bank loans of Rs.2.23 billion and that of its non-fund-based exposure of Rs.140.9 million, as well as the BBB-(ind) rating of its subordinated debt of Rs.200 million on rating watch negative.
The action follows the continued delays encountered by both companies on account of National Highways Authority of India's inability to make land available and rights of way in a timely manner, the agency said.
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