Credit rating agency Fitch has demoted the ratings of the realty developer Puravankara Projects and its debt programme by one cut owing to fiscal coercions for the firm, added the reports at the www.propertykhazana.com. Fitch demoted the Bangalore based developer and its Rs. 550 Crores long term debt to & apos, BBB&apos from A-grade and placed them on the Rating Watch Negative (RWN). RWN shows that the ratings might also be downgraded a bit or settle at the present level. One of the agency said to the www.propertykhazana.com that, “Demotes followed the hard residential surroundings and Fitch expects that the residential slump will be more defying than the last estimation.”
The rating agency & apos view of Indian realty segment will be negative. Fitch anticipates that the company&apos profit limits, credit profile and liquidity will carry on to be under stress as the residential surroundings stays hard in the short term. The rating demotes takes into consideration the company&apos cash flow risk, as the company needs refinancing to service its present debt burdens. For more updates on real estate market browse www.proeprtykhazana.com.
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