Fitch Ratings has “migrated” Wartsila India Ltd’s long-term rating to ‘non monitored category’ due to “lack of adequate information” from the company. This means Fitch will no longer provide ratings or analytical coverage of Wartsila India.
The ratings will remain unmonitored for six months at the end of which the ratings will be withdrawn. “However, in the event Wartsila starts furnishing information during this six-month period, the ratings could be reinstated,” says Fitch.
Wartsila India is the Indian arm of the Finnish company Wartsila, and is listed on the Indian stock exchanges.
Wartsila India makes power gensets and marine engines. The company did not respond to an e-mail query from Business Line asking for a comment on Fitch’s action.
In the last two days, Fitch has also put Tamil Nadu Road Development Corporation, Sherton India, Jesons Ltd, Bharatiya City Developers and Surya Vinayak Industries under ‘non monitored categories’ for “lack of adequate information.”