Fitch migrates Delton Cables to non-monitored category

Fitch Ratings-New Delhi/Singapore-27 April 2012: Fitch Ratings has migrated India-based Delton Cables Limited's 'Fitch BB+(ind)' National Long-Term rating with a Negative Outlook to the non-monitored category. This rating will now appear as 'Fitch BB+(ind)nm' on the agency's website. A list of additional rating actions is provided at the end of this commentary.

The ratings have been migrated to the non-monitored category due to lack of adequate information, and Fitch will no longer provide ratings or analytical coverage of Delton. The ratings will remain in the non-monitored category for a period of six months and be withdrawn at the end of that period. However, in the event the issuer starts furnishing information during this six-month period, the ratings could be reinstated and will be communicated through a Rating Action Commentary.

Fitch has also classified Delton's following bank loan ratings as non-monitored:

• Outstanding INR10.6m term loans: migrated to 'Fitch BB+(ind)nm' from 'Fitch BB+(ind)'
• INR320m fund-based working capital limits: migrated to 'Fitch BB+(ind)nm'/'Fitch A4+(ind)nm' from 'Fitch BB+(ind)'/'Fitch A4+(ind)'
• INR606m non-fund-based working capital limits: migrated to 'Fitch BB+(ind)nm'/'Fitch A4+(ind)nm' from 'Fitch BB+(ind)'/'Fitch A4+(ind)'