Hindalco's long-term ratings on negative watch

NEW DELHI: Rating agency Fitch has placed the National Long-term rating of Hindalco Industries Ltd on negative watch.

The rating agency has also put the 'AAA(ind)'-rated Rs 500 crore non-convertible debenture programme on 'Rating watch Negative', Fitch said in a release here.

The move to place Hindalco's 'AAA(ind)' rating on negative watch follows the company's announcement of $ 595 cr worth of acquisition of Novelis Inc, the release said.

The rating also reflects additional debt, with recourse to Hindalco, to finance the acquisition, it said

Simultaneously, Fitch has affirmed the National Short-term rating of 'F1+(ind)' to Hindalco's Rs 250 crore commercial paper/short-term debt programme, it added.

In another release, the rating agency said it has withdrawn XPRO India Ltd's 'A-(ind)' National Long-term issuer rating with a Stable Outlook and the 'A-(ind)' rating on its Rs 20 crore long term convertible debentures programme.

XPRO's Rs 15 crore commercial paper programme has been paid in full. Fitch will no longer provide ratings or analytical coverage on XPRO.