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Fitch-owned India Ratings (Ind-Ra) gave an Ind A- outlook to Nirav Modi’s flagship company, Firestar International Private Limited (FIPL), even though the firm was suffering from a high-leverage, off-balance-sheet exposure. Indian banks, including Punjab National Bank (PNB), relied on this rating to lend huge sums to the company.
Ind-Ra’s officials said they were in discussions with the company till December 2017, for they needed more information, and placed FIPL and other group companies on rating watch with negative implications on Thursday, a day after
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