Fitch Says 20% of Indian Convertibles at Risk of Default in 2012
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The risk of default is “extremely high” for 20 percent of Indian company foreign-currency convertible bonds due this year, according to Fitch Ratings Ltd.
Another 17 percent of the debt may be restructured, mostly by extending maturities, Amey Joshi, a Mumbai-based analyst at Fitch, wrote in a report dated yesterday. Investor recoveries may be low in the event of a default, he wrote.