Fitch Ratings has affirmed Future Retail Ltd's (FRL's) issuer default rating at 'C' and the rating on its USD500 million 5.6 per cent senior secured notes due 2025 at 'C' while revising the recovery rating to 'RR5' from 'RR4'. Fitch has also removed the rating watch positive, which had been placed on both ratings on September 2 last year after FRL's announcement it was selling its business to Reliance Retail and Fashion Lifestyle Ltd (RRFLL), an indirect subsidiary of Reliance Industries.
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