Fitch moves CA Magnum view to stable

Fitch Ratings said it changed its outlooks on CA Magnum Holdings and its 95.5%-owned subsidiary, Hexaware Technologies Ltd., to stable from positive and affirmed their long-term foreign- and local-currency issuer default ratings at BB-. The agency also affirmed CA Magnum's senior secured bonds at BB-.

“The stable outlook reflects Fitch's expectation that the group may take longer than 24 months to deleverage, amid macro uncertainties in the U.S. and Europe, where most of the group's customers are based. We expect the group's consolidated EBITDA net leverage to remain elevated at around 4.4x in 2023 and to deleverage to around 3.5x-4x in 2024,” the agency said in a press release.

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