Fitch Ratings has downgraded India-based Hella Infra Market's issuer default rating while withdrawing all of its ratings, according to a Friday release.

The rating agency lowered the rating to B(EXP) from B+(EXP) and assigned a final rating of B.

Fitch withdrew the ratings for commercial reasons.

The downgrade stems from the increase in the building and construction materials supplier's near-term net leverage by about 3x, with Fitch now considering the company's compulsory convertible preference shares (CCPS) as debt.

The rating agency expects the company not to reach the conditions under which the expected rating was assigned, including a longer maturity for the CCPS compared to the company's debt obligations.

The company has halted plans to tap the US dollar bond market after a recent failed attempt, preventing it from obtaining a longer maturity for its CCPS, Fitch said.