Ratings firm Fitch today said it plans to withdraw its ratings on Dewan Housing Finance Corporation within a month for commercial reasons.
“Fitch Ratings plans to withdraw the ratings on Dewan Housing Finance Corporation Ltd on or about, February 22, 2017, which is approximately 30 days from date of this Non Rating Action Committee (NRAC), for commercial reasons,” Fitch Ratings said in a statement.
Currently, Fitch has rated Dewan Housing Finance with a stable outlook ‘BB’ on its long-term foreign currency issuer default rating (IDR).
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Also, the long-term local currency IDR is rated ‘BB’, a stable outlook.
The ratings firm said it reserves the right in its sole discretion to withdraw or maintain any rating at any time for any reason it deems “sufficient.”
“Fitch believes that investors benefit from increased rating coverage by Fitch and is providing approximately 30 days’ notice to the market of the rating withdrawal of Dewan Housing Finance Corporation subject to analytical review and may change up to the time Fitch withdraws the ratings,” said the statement further.