Fitch rates Kalyanpur notes C(ind)

Fitch Ratings said it assigned an expected rating of C(ind) to Kalyanpur Cement Ltd.'s proposed Rs. 1.17 billion zero-coupon non-convertible debentures.

The agency said the rating reflects the company's ongoing restructuring of its liabilities following its referral to the Board for Industrial and Financial Reconstruction in 2000. The completion of the restructuring package is subject to the issue of the proposed debentures and the resolution and repayment of some other liabilities of the company.

Fitch noted that the company is making partial payments on some of its obligations and is in breach of some covenants of the restructuring agreements due to delays in the process.

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