INDIA RATINGS: APL Apollo, Everest Kanto, SMC Power Raised
(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
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DOWNGRADE
- Shree Rajasthan Syntex
- Long-term bank facilities cut to BB- from BB at Care
- Cites inventory losses, high interest outgo
UPGRADES
- Aamoda Publications
- LT bank facilities raised to B from B- at Crisil
- Cites improvement in group’s liquidity
- APL Apollo Tubes
- LT bank facilities raised to A+ from A at Care
- Cites significant increase in total operating income, profits
- Everest Kanto
- LT bank facilities raised to B from D at Care
- Cites regularization in debt servicing since January
- Kriti Industries
- LT bank facilities raised to BBB+ from BBB at Care
- Cites consistent growth in total operating income
- Navratan Specialty
- LT bank facilities raised to BBB+ from BBB at Crisil
- Expects company to sustain improved business risk profile over the medium term
- Purbanchal Lumbers
- LT bank facilities raised to BB from BB- at Crisil
- Expects improvement in gearing, debt protection metrics
- Shyam Steel
- LT bank facilities raised to A- from BBB+ at Care
- Cites improvement in profitability margins, capital structure
- SMC Power
- LT bank facilities raised to BB+ from BB at Care
- Cites growing scale of operations, improved profitability margins
Alert:
HALISTER1Source: BFW (Bloomberg First Word)
Tickers APAT IN (APL Apollo Tubes Ltd)
SRRS IN (Shree Rajasthan Syntex)
EKCL IN (Everest Kanto Cylinder Ltd)
KAP IN (Kriti Industries India Ltd)
0248762D IN (SMC Power Generation Ltd)
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