Fitch places Infomedia India on rating watch-ve

Fitch Ratings has placed on Rating Watch Negative (RWN) Infomedia India Limited’s (Infomedia) ‘A-(ind)’ (A minus(ind)) National Long-term Rating, the ‘A-(ind)’ (A minus(ind)) rating of its long term bank facilities totalling INR758m and the ‘F1(ind)’ rating of its INR250m short term debt programme.

The RWN is based on Fitch’s ongoing evaluation of the revenue and margin pressures on Infomedia’s core directory business, its future business and capex plans in light of its operational restructuring, as well as the ongoing assessment of Infomedia’s linkages with its key shareholder, Television Eighteen India Limited (‘A(ind)’/Stable/’F1(ind)’).

The RWN indicates that the ratings may be downgraded or remain at the current level and Fitch anticipates that it will be resolved during Q409.

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