Moody's withdraws rating of Kalyan Jewellers

Chennai, Sep 20 Credit rating agency Moody's Investors Service on Tuesday said it has withdrawn Kalyan Jewellers India Limited's (KJIL) B2 long-term corporate family rating.

The rating outlook prior to withdrawal was stable.

"In view of the current market conditions, the company has pushed back its plans to access the international debt capital markets. Moody's has decided to withdraw the rating for its own business reasons," Moody's said.

The Rs 9,056 crore revenue Kalyan Jewellers is the second-largest jewelry company in India. It also has operations in the Middle East.

The Kalyanaraman family (promoter family) and associated companies own 60.53 per cent of Kalyan Jewellers.

Highdell Investments Ltd, an affiliate of private equity firm Warburg Pincus & Company US LLC, has a direct stake of 26.36 per cent, said Moody's.

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