HALISTER1: INDIA RATINGS: UCO Bank, Satyam Green Energy Cut; Haldia Raised

INDIA RATINGS: UCO Bank, Satyam Green Energy Cut; Haldia Raised

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
  • To get this story sent to your inbox real-time, run NI INRATINGS , click on Display & Edit, then Set Alert Delivery
DOWNGRADES
  • JVL Agro Industries
    • Long-term bank facilities cut to BB+ from BBB+ at CARE
    • Cites stretched liquidity position, elongation of working capital cycle
  • Ruchi Worldwide
    • LT bank facilities cut to BB+ from BBB at CARE
    • Cites co.’s loss in Q4 of FY16 due to volatility of commodity prices
  • Satyam Green Energy
    • LT rating cut to D from B at Crisil
    • Cites delays in debt servicing, weak liquidity
  • UCO Bank
    • Upper Tier 2 bonds cut to A from A+ at ICRA
    • Cites bank’s low capital adequacy, weak asset quality
UPGRADES
  • Haldia Petrochemicals
    • Issuer rating raised to BBB+ from BBB at ICRA
    • Cites better-than-anticipated financial performance
  • Sudhakar Polymers
    • LT rating raised to BBB from BBB- at Crisil
    • Cites expectation of improvement in business risk profile over medium-term
  • Vaishnodevi Refoils and Solvex
    • LT rating raised to BB from BB- at Crisil
    • Cites expectation of improvement in financial risk profile
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
SCS IN (Satyam Computer Services Ltd)
UCO IN (UCO Bank)

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UUID: 7947283

HALISTER1: MORE: N.Z. Report Finds Foreign Trust Disclosure ‘Inadequate’

MORE: N.Z. Report Finds Foreign Trust Disclosure ‘Inadequate’

(Bloomberg) -- New Zealand government releases report from John Shewan’s independent inquiry into foreign tax disclosure rules.
  • “The inquiry concludes that the existing foreign trust disclosure rules are inadequate”
  • Existing rules “are not fit for purpose in the context of preserving New Zealand’s reputation as a country that cooperates with other jurisdictions to counter money laundering and aggressive tax practises”
  • A “significant” increase in information disclosed when a foreign trust sets up, annual reporting and increased enforcement, will satisfactorily address the issues identified
  • Banning foreign trusts or removing the current tax exemption is not considered to be necessary or justified
  • See report http://goo.gl/pF5CWC
Earlier story, see: NSN O9EU2J6S9728
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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UUID: 7947283

HALISTER: Fresenius Promotes Sturm to Chief Executive as Schneider Departs

Fresenius Promotes Sturm to Chief Executive as Schneider Departs

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
FRE GR (Fresenius SE & Co KGaA)
13143Z US (McKinsey & Co Inc)

People
Stephan Sturm (VAMED AG)
Ulf Schneider (Fresenius SE & Co KGaA)

Topics
Management Changes
Who's News - People

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UUID: 7947283