Fitch withdraws rating of Tech Mahindra

MUMBAI: Fitch Ratings has withdrawn Tech Mahindra's national issuer rating of AAA (ind) following its submission of expression of interest for acquisition of Satyam.

Given the uncertainties regarding the financial closure of the transaction, the financing and consequent financial impact on Tech Mahindra, the agency is unable to take a rating action at the time of withdrawal, Fitch said in a statement.

At the time of assigning the ratings in November 2008, Fitch had highlighted that Tech Mahindra remains exposed to event risk if it undertakes a material debt-led acquisition, which could act as a negative trigger, it said.