Fitch Places Polycab Wires Industries on Rating Watch Negative

Fitch Ratings has today placed Polycab Wires Industries Pvt Ltd.'s (PWIPL) National Long-term rating of 'BBB(ind)' on Rating Watch Negative (RWN). The following instruments have also been placed on RWN:

• 'BBB(ind)' rating of its INR300m cash credit (completely interchangeable with other fund-based working capital)
• 'F2(ind)' rating of its other fund-based working capital facilities totalling INR300m
• 'F2(ind)' rating of its fund-based working capital facilities totalling INR410m

The RWN follows the same action on Polycab Wires Pvt Ltd's (PWPL) National Long-term 'A+(ind)' rating. The RWN indicates that the ratings may be downgraded or affirmed. The RWN on PWIPL will be resolved after the Watch status on PWPL has been removed.

For more information on the PWPL rating action, please refer to separate Fitch Rating Action Commentary published on 25 May 2009 on www.fitchresearch.com.

Note to editors: Fitch's National ratings provide a relative measure of creditworthiness for rated entities in countries with relatively low international sovereign ratings and where there is demand for such ratings. The best risk within a country is rated 'AAA' and other credits are rated only relative to this risk. National ratings are designed for use mainly by local investors in local markets and are signified by the addition of an identifier for the country concerned, such as 'AAA(ind)' for National ratings in India. Specific letter grades are not therefore internationally comparable.

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Fitch Ratings currently maintains coverage of approximately 6,000 financial institutions, including over 3,200 banks and 2,200 insurance companies. Finance & leasing companies, broker-dealers, asset managers, managed funds, and covered bonds make up the remainder of Fitch Ratings’ financial institution coverage universe.

Fitch India has Five rating offices located at Mumbai, Delhi, Chennai, Kolkata and Bangalore. Fitch is recognised by Reserve Bank of India, Securities Exchange Board of India (SEBI) and National Housing Bank.