Fitch cuts Tebma Shipyards to junk

Fitch Ratings said it downgraded Tebma Shipyards Ltd.'s national long-term rating to BB(ind) from BBB(ind).

The outlook is negative.

The downgrade reflects a significant decline in revenues in the financial year ended March 2009, despite a healthy order book position, due to delay in yard completion and settlement of issues with local fishermen, according to the agency.

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