Fitch: Tamil Nadu on watch

Fitch Ratings said it placed on Rating Watch negative the AAA(ind)(SO) rating on Tamil Nadu Road Development Co.'s Rs. 250 million non-convertible debenture issue.

The negative watch follows the substitution of Infrastructure Leasing & Financial Services Ltd.'s corporate guarantee with Tidel Park Ltd.'s guarantee, Fitch said.

The watch will be resolved after the review of a detailed assessment of the additional information relating to Tidel and Tamil Nadu Road, the agency said.

Fitch said it will attempt to resolve the negative watch within 30 days.

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