Halister News

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.

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UPGRADES

• KEC International
  • Long-term bank facilities raised to AA- from A+ at Care
  • Cites sustained improvement in profitability
• NACL Industries
  • LT bank facilities raised to A- from BBB+ at Care
  • Cites increase in total operating income, profitability margins
• Samarth Diamond
  • Fund-based working capital facilities raised to BBB from BBB- at India Ratings
  • Cites improving scale of operations
• Vimta Labs
  • Terms loans raised to BBB+ from BBB at Brickwork
  • Cites experience of management
• Voltamp Transformers
  • LT bank facilities raised to AA from AA- at Care
  • Cites growth in scale of operations, profitability

DOWNGRADES

• Corporation Bank
  • Upper Tier 2, innovative perpetual debt instrument cut to AA from AA+ at Brickwork
  • Cites substantial increase in quantum of gross NPA
• Indian Acrylics
  • Term loan cut to D from BBB- at Care
  • Cites delays in servicing of term debt obligations
• JR Toll Road
  • Fund-based facilities cut to A-(SO) from A+(SO) at Care
  • Cites revision in ratings of guarantor Reliance Infrastructure
• Omkar Speciality
  • Term loan cut to D from BBB at Brickwork
  • Cites weak liquidity position impacting ability to timely service debt

(Bloomberg) -- Wave of buying emerges in Treasury futures, including a block trade, shortly after reports that Trump aides are said to deliver a shortlist for the next Fed chair, including Yellen, Cohn, Warsh and Powell, though with Yellen said not to be favored.

• In 10y note futures, 9.5k trade in 1-minute between 125-13/15+, U.S. 10y yield drops 1.25bps to 2.31%, as belly of the curve outperforms, pointing to a move dovish Fed outlook
• Block trade seen in TYZ7 with 3,150 trading at 125-14+, printing at 8:43am HKT
• Move is an extension from Tuesday with focus on Politico report that Treasury Secretary Steven Mnuchin favors Powell as next Fed chair
• Eurodollar futures push to day’s high, with the strip bull flattening
• Trump’s advisers have given him a final list of people they’re recommending as candidates to lead the Federal Reserve and have ended the search, according to people familiar with the matter
• NOTE: Some information comes from rates trader familiar with the transactions who asked not to be identified because they are not authorized to speak publicly

To contact the reporter on this story: Stephen Spratt in London at sspratt3@bloomberg.net To contact the editors responsible for this story: Ven Ram at vram1@bloomberg.net Patricia Lui

--ALEX WAYNE