HALISTER1: INDIA RATINGS: JMT, Leap Green Cut; Pidilite Raised

INDIA RATINGS: JMT, Leap Green Cut; Pidilite Raised

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
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DOWNGRADES
  • JMT Auto
    • Term loans cut to BB- from BB+ at ICRA
    • Cites company’s large sized debt-funded acquisitions of 2 auto manufacturing companies
  • Leap Green Group
    • Long term rating cut to BBB from BBB+ at Crisil
    • Cites deteriorating in group’s liquidity over the past few months due to delay in equity infusion and lower- than-expected cash flow from wind power generation
UPGRADES
  • Navayuga Engineering
    • Long-term bank facilities raised to A- from BBB+ at Care
    • Cites growth in total operating income and healthy growth in profit levels in FY16
  • OB Infrastructure
    • Non-convertible debentures raised to A+ from A at Care
    • Cites companies receiving all 14 annuities, due from NHAI
  • Pidilite Industries
    • Long-term rating raised to AAA from AA+ at Crisil
    • Cites expectation the company will maintain robust operating performance and financial risk profile
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
ATECH IN (Arcotech Ltd)
CLEBI TI (Celebi Hava Servisi AS)
DBEL IN (Dalmia Bharat Ltd)
0895168D IN (Madhav Alloys Pvt Ltd)
1080525D IN (Navayuga Infotech Pvt Ltd)

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UUID: 7947283

HALISTER1: China Sees No Deflation Pressure; PBOC Not to Ease This Yr: BNP

China Sees No Deflation Pressure; PBOC Not to Ease This Yr: BNP

(Bloomberg) -- PPI returning to positive territory is unexpected, after remaining in contraction for almost five years BNP economist Jacqueline Rong says.
  • NOTE: China Sept. CPI rises 1.9% y/y, vs est. 1.6%; PPI rises 0.1% y/y, vs est. -0.3%; PPI had been negative since Feb. 2012
  • PPI recovery is built on strength in commodities, especially coal
  • CPI also back to ~2% targeted level, after a weak August reading on low base effect
  • Sept. PPI and CPI indicate China faces no deflation risk; sees no need for PBOC to cut interest rate this year
    • But RRR cut remains possible, since yuan sees strong depreciation pressure, could fuel capital outflow
  • Expects 3Q GDP to be unchanged at 6.7%
    • Sept. fixed asset investment should pick up
  • China 3Q GDP data due on October 19; survey here
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Jacqueline Rong (BNP Paribas SA)

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UUID: 7947283

HALISTER: Hershey CEO Bilbrey Said to Prepare to Step Down: Reuters

Hershey CEO Bilbrey Said to Prepare to Step Down: Reuters

(Bloomberg) -- Hershey CEO John Bilbrey preparing to step down by next summer, Reuters reports, citing unidentified people familiar.
  • Board of directors already preparing for Bilbrey’s resignation, formed a committee to find a successor
  • Bilbrey stepping down to spend more time with his family: report cites unidentified person
    • Bilbrey plans to remain non-executive chairman on Hershey’s board
  • Hershey offered no immediate comment: Reuters
Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
HSY US (Hershey Co/The)

People
John Bilbrey (Hershey Co/The)

Topics
Who's News - People
Management Changes

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UUID: 7947283