Halister News

(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

• L&T BPP Tollway
  • Term loans cut to BBB- from BBB at ICRA
  • Cites lower traffic witnessed in stretch in the first two years of tolling, as compared to the company’s earlier estimates
• Madhoor Buildwell
  • Long-term bank facilities cut to D from B+ at Crisil
  • Cites delays in servicing of interest
• MEP Infrastructure
  • LT bank facilities worth INR25.33b cut to D from BB-(SO) at Crisil
  • Cites delays in servicing debt due to stretched liquidity position
• Raymond UCO
  • Term loan cut to BBB+ from A- at ICRA
  • Cites significant decline in operating margins

UPGRADES

• Betul Wind Farms
  • Term loans raised to BBB from BBB- at ICRA
  • Cites satisfactory generation track record from wind power plant
• Bharat Oman Refineries
  • LT bank facilities raised to AA+ from AA at Crisil
  • Cites sustained improvement in operating performance
• Brawn Laboratories
  • LT fund-based limits raised to BBB- from BB+ at ICRA
  • Cites healthy growth in operating income over past few years
• Sovereign Agro
  • LT bank facilities raised to B+ from B at Crisil
  • Cites steady revenue growth
• Tamilnadu Petroproducts
  • LT bank facilities raised to BBB from BBB- at Care
  • Cites improvement in operational, financial performance
• YG Realty
  • NCDs raised to BBB+(SO) from BBB(SO) at Crisil
  • Cites moderate improvement in debt protection metrics

(Bloomberg) -- Despite this initial resistance, the government has already signaled that it has a plan B if there is no time to approve the new long term rate (TLP) before it expires, says Eurasia’s Joao Castro Neves in a phone interview.

• There is an expectation that there is still time to approve the bill as it’s proposed now
  • Despite some disagreements, there is a consensus that approval is the right path to take
• Plan B would be sending a new law project withing the so-called urgency regime
  • In this case, it would be possible to approve the creation of the long term rate before the end of the year, Neves says
• External environment and global liquidity have been benign for Emerging Markets in general, especially for Brazil
• With this scenario, it is possible that the market reacts little to the delay
• NOTE: Brazil Govt Suffers Setback and Long-Term Rate Vote Is Delayed

To contact the translator on this story: Kariny Leal in Rio de Janeiro at kdeoliveira1@bloomberg.net To contact the translation editor responsible for this story: Giulia Camillo at gcamillo@bloomberg.net Reporter on the original story: Kariny Leal in Rio de Janeiro at kdeoliveira1@bloomberg.net Editors responsible for the original story: Daniela Milanese at dmilanese@bloomberg.net Taís Fuoco