Halister News

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

• To get this story sent to your inbox real-time, run NI INRATINGS, click on Display & Edit, then Set Alert Delivery

UPGRADES

• AGI Infra
  • Term loan raised to BBB from BBB- at Brickwork
  • Cites experience of promoters
• Berger Paints
  • Long-term bank facilities raised to AAA from AA+ at Crisil
  • Cites positive free cash flows, healthy credit metrics
• GRB Dairy Foods
  • LT bank facilities raised to BBB+ from BBB at Crisil
  • Cites healthy revenue growth
• Jaya Hind Montupet
  • LT bank facilities raised to BBB from BBB- at Crisil
  • Cites improvement in operating performance
• JDC Traders
  • LT bank facilities raised to BB from BB- at Crisil
  • Cites continuous improvement in business-risk profile
• Lalbhai Kalidas and Co.
  • LT bank facilities raised to BB+ from BB at Crisil
  • Cites healthy revenue growth
• Medley Pharmaceuticals
  • LT bank facilities raised to A+ from A at Crisil
  • Cites sustained increase in revenue, healthy operating profitability
• Schwing Stetter
  • LT working capital facilities raised to A from A- at ICRA
  • Cites robust growth

DOWNGRADES

• ABS Electroplaters
  • LT bank facilities cut to BB+ from BBB- at Crisil
  • Cites large working capital requirement
• Gayatri Projects
  • LT bank facilities cut to BB- from BBB- at Care
  • Cites stretched liquidity position
• G.R. Engineering
  • LT bank facilities cut to BB from BBB at Crisil
  • Expects business-risk profile to remain weak medium-term
• Marathon Electric Motors
  • LT bank facilities cut to BBB+ from A- at Crisil
  • Cites deterioration in business-risk profile

--CHRISTIAN WIENBERG

(Bloomberg) -- Chongqing Rural Commercial Bank Co. jumps most since Oct. 3 in Hong Kong after posting 3Q results that Credit Suisse Group AG said were the best among Chinese banks in its coverage.

• Shares jump as much as 4.3%; up 2.6% as of midday break, leading gains among H-share banks
• NOTE: Net income rose 11% y/y to 2.31b yuan ($348m), according to statement to Hong Kong’s stock exchange
• Net interest income +16% y/y driven by 11% loan growth and flat net interest margin, Credit Suisse analyst Sanjay Jain writes in Nov. 1 note; net fee income +17% y/y thanks to growth in fees for wealth management and agency business; operating costs -2% y/y on stronger controls of daily expenses and budget management
• Results “beat our estimates for all earnings drivers,” Jain says
• Location advantage of Chongqing continues; maintain outperform, PT HK$6
• Huatai Financial Holdings (Hong Kong) Ltd. analysts led by Chen Shujin add that strong 3Q results “hit all four key H-share China bank results indicators watched by the market,” namely: NIM, NPL ratio, pre-provision operating profit and net profit growth
• Top pick among municipal banks
• Concerns on asset quality largely eased; strong buy recommendation, PT HK$6.56

To contact the reporter on this story: Will Davies in Hong Kong at wdavies13@bloomberg.net To contact the editors responsible for this story: Richard Frost at rfrost4@bloomberg.net Philip Glamann

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