Fitch to discontinue ratings on Hudco

MUMBAI: Fitch Ratings today said it plans to withdraw the ratings on Housing and Urban Development Corporation (Hudco) over the next one month.

"We think Hudco is no longer considered by us to be relevant for our coverage. (However), we will continue to maintain coverage of Hudco prior to withdrawal over the next 30 days, beginning today," Fitch said in a statement.

The decision was taken as Hudco has no internationally-rated outstanding securities in the market nor has it declared any plans of launching such instrument in the near future, an agency official said.

Fitch currently rates Hudco's long-term issuer default rating at 'BBB-' with a stable outlook, while its short-term issuer default rating carried an 'F3' rating.

Fitch's last rating action on Hudco was on May 8, 2015.