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Fitch Ratings has downgraded India-based Exotica International’s national long-term rating to ‘Fitch D(ind)’ from ‘Fitch B-(ind)’. The outlook was previously stable.
The downgrade reflects the over-utilisation of Roto’s fund-based limits as on June 30, 2012. The same has been confirmed by the company and its banker, though Fitch has not been provided with the exact details as yet.
Exotica International is a proprietorship concern engaged in the manufacturing and trading of plastic products and textiles.
Fitch has also downgraded the ratings on Exotica’s bank facilities.
Its Rs 27-crore fund-based limits have been downgraded to National Long-Term 'Fitch D( ind)' from 'Fitch B-(ind)' and National Short-Term 'Fitch D(ind)' from 'Fitch A4(ind)'. Its Rs 2.5 crore non-fund-based limits have also been downgraded.
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