S&P pulls Kalyan ratings

S&P said it withdrew its preliminary B ratings on Kalyan Jewellers and the planned senior secured notes that were to be issued by Kalyan Jewellers FZE and guaranteed by Kalyan Jewellers.

“In view of the current market conditions, the company has pushed back its plans to access the international debt capital markets. The preliminary ratings were assigned on the condition of a successful issuance of the notes, which did not occur. So, the preliminary ratings do not apply,” the agency said in a press release.

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