Global rating agency, Fitch Ratings has downgraded the long-term issuer default ratings on paper maker Ballarpur Industries (BILT) and its subsidiary Bilt Paper BV to a more speculative grade while maintaining the grading on Rating Watch Negative (RWN).
The rating agency has downgraded the ratings on BILT and its arm to ‘CCC’ from ‘B-’, citing worsening liquidity situation and curbing of operations of the company due to inadequate working capital.
Fitch had downgraded BILT and placed it on RWN on July 29, 2016, based on its deteriorating credit profile and significant refinancing risks for upcoming debt maturities.
Ballarpur Industries is engaged in manufacturing of wide range of papers such as coated wood free, uncoated wood free, copy paper, packaging, business stationery, industrial grades and speciality and fine paper.
Company Name | CMP |
---|---|
JK Paper | 379.05 |
TN Newsprints | 269.90 |
West Coast Paper | 651.50 |
Emami Paper Mills | 112.40 |
Andhra Paper | 516.30 |
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