Fitch Ratings withdraws Unitech’s national long-term rating of Fitch B-(ind)nm

10 Dec 2011

International agency, Fitch Ratings has withdrawn ratings for various debt programmes of Unitech from its coverage. It has also removed them from analytical coverage. The agency has withdrawn Unitech’s national long-term rating of Fitch B-(ind)nm and bank loan ratings on various instruments, which includes short-term debt of Rs 1,100 crore, which entailed Fitch A4 (ind) nm.

The ratings have been withdrawn due to lack of adequate information. Fitch will no longer provide ratings or analytical coverage of Unitech.

The Unitech Group has posted a net profit of Rs 92.46 crore for the quarter under review, lower by 46.79% to Rs 173.76 crore in the same period a year ago. Total income has decreased from Rs 674.92 crore for the second quarter to Rs 666.39 crore for the quarter ended September 30, 2011, down by 1.28%.

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