Fitch to withdraw ratings on DHFL from next month

International rating agency Fitch today said that it is planning to withdraw its ratings on the leading standalone mortgage player Dewan Housing Finance Corporation (DHFL).
Currently, the agency has rated DHFL's long-term foreign-currency issuer default rating (IDR) at 'BB' with a stable outlook, while its long-term local-currency IDR has a 'BB' rating with a stable outlook.
"We plan to withdraw the ratings on Dewan Housing Finance Corporation on or about, February 22, 2017, which is approximately 30 days from today, for commercial reasons," Fitch said in a statement today.
The agency had last rated DHFL on March 9, 2016.
DHFL in a statement said, Fitch is one of the two international rating agencies, which had assigned ratings to the company's international borrowings, which it has not utilised as yet.

"DHFL has requested Fitch for withdrawal of the ratings assigned by them. Fitch, at our request, has issued the communication in respect of withdrawal by giving us a 30-days notice," DHFL told PTI in a statement.
Fitch further said it reserves the right to withdraw or maintain any rating.
"We believe investors benefit from increase in the rating coverage and are providing a 30-day notice to the market of the rating withdrawal of DHFC, which is subject to analytical review and may change up to the time we withdraw the ratings," the agency said.