India Ratings suspends CFAL ratings

Last Updated: Fri, Nov 30, 2012 18:51 hrs

Mumbai, Nov 30 (IBNS) India Ratings has migrated Cosmic Ferro Alloys Limited's (CFAL) 'IND BB+' Long-Term Issuer rating with Stable Outlook to the suspended category.

CFAL is a manufacturer and exporter of Ferro Alloys.

This rating will now appear as 'IND BB+(suspended)' on the agency's website.

A list of additional rating actions is provided at the end of this commentary.

The ratings have been migrated to the suspended category due to lack of adequate information.

India Ratings will no longer provide ratings or analytical coverage on CFAL.

The ratings will remain in the suspended category for a period of six months and be withdrawn at the end of that period. ´

However, in the event the issuer starts furnishing information during this six-month period, the ratings could be reinstated and will be communicated through a rating action commentary.

India Ratings has also suspended CFAL's bank loan ratings as follows:

- INR217.1m long-term loans: migrated to 'IND BB+(suspended)' from 'IND BB+'

- INR380m cash credit limits: migrated to 'IND BB+(suspended)' from 'IND BB+'

- INR1,170m non-fund based limits: migrated to 'IND A4+(suspended)' from 'IND A4+'

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