OREANDA-NEWS. S&P Global Ratings today affirmed its 'BB-' long-term corporate credit rating on Sintex Industries Ltd. We then withdrew the rating at the company's request. At the time of withdrawal, the outlook was stable. Sintex is an Indian plastics and textiles company.

Sintex's business and financial performance in fiscal 2016 (year ended March 31, 2016) was broadly in line with our expectation. The company completed the first phase of its textile capacity expansion in the first quarter of fiscal 2017, and has commenced the second phase. We believe this will strengthen the company's business position in textiles over the next three to five years.

The Sintex management plans to spin-off its plastics division in to a separate company in an internal reorganization of its corporate structure. We believe that the spin-off won't affect the company's overall credit profile immediately because the process, which requires approvals from shareholders, creditors, and the Indian courts, could take more than a year to complete. Also the final details of the proposed transaction are yet to emerge.