Fitch drops Wockhardt

Fitch Ratings said it has downgraded Wockhardt Ltd.'s national long-term rating to D from C(ind).

Fitch said it has simultaneously downgraded Wockhardt's long-term debt instruments, as follows: Rs. 2 billion long-term non-convertible debenture program downgraded to D from C(ind), Rs. 2.5 billion long-term loans and Rs. 2.5 billion non fund-based cash credit facilities downgraded to D from C(ind).

The agency said that the rating of Wockhardt's Rs. 1.45 billion non fund-based limit was downgraded to F5(ind) on April 8.

The rating action is based on Fitch's discussion with the trustee of Wockhardt's Rs. 752.5 million series A1 pass-through certificates.

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