INDIA RATINGS: Hamon Shriram, Taneja Cut; APCO Infratech Raised
(Bloomberg) -- Here’s a roundup of debt-rating changes of Indian cos.
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DOWNGRADES
- KVR Industries
- Long-term loan facilities cut to D from BB- at Crisil
- Cites overdrawn cash credit facility for >30 days
- Haridwar Highways Project
- LT bank facilities cut to B+ from BB- at Care
- Cites “slow progress of the project, compared with envisaged timeline”
- Hamon Shriram
- LT bank facilities cut to BB+ from BBB- at Care
- Cites decline in scale of operations
- Hyderabad Ring Road
- LT bank facilities cut to D from BB at Care
- Cites delays in debt servicing
- Shubhi Agro
- LT loan facilities cut to C from BBB at Crisil; NCDs cut to D from BBB
- Cites delay in interest and principal repayment
- Taneja Aerospace
- LT bank facilities cut to BB- from BB at Care
- Cites reduction in total operating income, net loss
UPGRADES
- APCO Infratech
- LT bank facilities raised to A- from BBB+ at Care
- Cites increase in total operating income and profit, improvement in capital structure and comfortable debt coverage indicators
- CMS Computers
- LT bank facilities raised to BBB from BBB- at Care
- Cites consistent growth in revenue, healthy cash accruals
- Karda Construction
- LT fund-based facilities raised to BB- from B at ICRA
- Cites timely cash flows from collection efficiency
- SITI Cable Network
- Term loan raised to A- from BBB+ at ICRA
- Cites equity infusion from founders
Alert:
HALISTER1Source: BFW (Bloomberg First Word)
Tickers 0990965D IN (Apco Infratech Ltd)
3117820Z IN (CMS Computers Ltd/India)
ERIE IN (Era Infra Engineering Ltd)
9536738Z IN (Hamon Shriram Cottrell Pvt Ltd)
SCNL IN (SITI Cable Network Ltd)
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