Fitch Ratings has withdrawn India-based Parsvnath Developers’ national long-term rating of Fitch B-(ind) nm. The agency has also withdrawn the Fitch B-(ind)nm rating on the company’s long-term loans of Rs 200 crore and Rs 900 crore, and the 'Fitch A4 (ind) nm rating on its short-term loan of Rs 200 crore. It turns out to be a total debt burden of Rs 1300 crore.
The ratings have been withdrawn due to lack of adequate information. Fitch will no longer provide ratings or analytical coverage of Parsvnath Developers. The company was moved to the non-monitoring category on June 2. This was done due to lack of clarity and information about the company’s debt programmes.
Parsvnath Developers is one of India’s leading real estate developers founded by Pradeep Kumar Jain. The company has an experience of more than two decades in offering state-of-the-art development and construction.