Global rating agency, Fitch Ratings has downgraded the long-term issuer default ratings on India-based paper maker Ballarpur Industries and its subsidiary Bilt Paper BV to ‘C’, from ‘CCC’. The reasons behind the downgrade were severe liquidity constraints and inevitable default.
In January, Fitch had downgraded Ballarpur Industries and its arm ‘to CCC, from B-’, citing worsening liquidity situation and curbing of operations of the company due to inadequate working capital.
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 | 456.35 |
TN Newsprints | 213.85 |
West Coast Paper | 628.15 |
Emami Paper Mills | 125.10 |
Satia Industries | 115.45 |
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