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Fitch Ratings has withdrawn Essar Projects Ltd's long-term foreign currency issuer default rating (IDR) of 'B-' and short-term IDR of 'B' as the Essar group unit has stopped sharing information with the rating agency. The outlook was negative.
These ratings have been withdrawn as Essar Projects has chosen to stop participating in the rating process, Fitch said in a statement.
Fitch will no longer have sufficient information to maintain the ratings. Accordingly, Fitch will no longer provide ratings or analytical coverage for Essar Projects, Fitch said. According to latest data available with Capitaline Plus, Essar Projects Ltd's net sales stood at Rs 4,497 crore with profit after tax of Rs 22 crore for the year ended March 2014.
The total debt at end of March 2014 was Rs 3,821 crore.
