Reuters: Financial Services and Real Estate: TEXT-Fitch migrates Prakash Ply Exim to non-monitored category

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TEXT-Fitch migrates Prakash Ply Exim to non-monitored category May 4th 2012, 07:43 Fri May 4, 2012 3:43am EDT May 04 - Fitch Ratings has migrated India-based Prakash Ply Exim Private Limited's (PPEPL) 'Fitch B+(ind)' National Long-Term rating with Stable Outlook to the non-monitored category. This rating will now appear as 'Fitch B+(ind)nm' on the agency's website. A list of additional rating actions is provided at the end of this commentary. The ratings have been migrated to the non-monitored category due to lack of adequate information, and Fitch will no longer provide ratings or analytical coverage of PPEPL. The ratings will remain in the non-monitored category for a period of six months and be withdrawn at the end of that period. However, in the event the issuer starts furnishing information during this six-month period, the ratings could be reinstated and will be communicated through a Rating Action Commentary. Fitch has also migrated PPEPL's bank loan ratings to the non-monitored category as follows: - INR27.5m non-fund-based limits: migrated to 'Fitch A4(ind)nm' from 'Fitch A4(ind)'

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