Halister News

(Bloomberg) -- Sempra Energy to buy Energy Future Holdings, the indirect holder of 80% of Oncor Electric Delivery, for about $9.45b in cash.

• Co. expects deal to be earnings accretive beginning in 2018
• Sempra to hold about 60% of reorganized holding company
• Enterprise value of deal about $18.8b including debt
• Sempra to fund deal with own debt, equity, third-party equity, $3b of expected IG debt at reorganized holding co.
• Co. to support Oncor plan to invest $7.5b over 5-year period
• Link to statement

To contact the reporter on this story: Lukas Strobl in London at lstrobl@bloomberg.net

(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

• G.S. Auto
  • Long-term bank facilities cut to D from BB- at Crisil
  • Cites delay in servicing debt due to stretched liquidity
• Inox Wind
  • LT bank facilities cut to A- from AA- at Care
  • Cites subdued order book position
• Inox Wind Infrastructure
  • LT bank facilities, NCDs cut to A-(SO) from AA-(SO) at Care
  • Cites revision in rating of corporate guarantor Inox Wind
• Intec Capital
  • LT bank facilities, NCDs cut to BB from BBB- at Care
  • Cites deterioration in asset quality
• Lipi Data Systems
  • LT bank facilities cut to BBB- from BBB at Care
  • Cites decline in total operating income
• Rajarathnam Construction
  • LT bank facilities cut to D from B+ at Crisil
  • Cites instances of delay in repayment of term loan
• Usha International
  • Bank facilities cut to BBB- from BBB at ICRA
  • Cites continued pressure on profitability metrics

UPGRADES

• ATC Foods
  • Cash credit raised to BB- from B+ at ICRA
  • Cites healthy growth in operating income
• KSH International
  • LT bank facilities raised to BBB+ from BBB at Care
  • Cites improvement in operating profit margins

(Bloomberg) -- ANZ has changed its monetary policy call on Indonesia and is now expecting the central bank to cut the policy rate by 25 bps in October, economists led by Sanjay Mathur write in note.

• Further easing cannot be ruled out if external environment remains favorable
• Change in view is based on the following considerations: continued softness in growth momentum, contained inflation and favorable sustainable balance of payments position, and favorable interest-rate differential with the U.S.
• ANZ cites dovish tilt in Bank Indonesia’s tone; IDR remaining stable would allow room for policy easing
• Recommends overweight duration in Indonesian bonds; market hasn’t priced in a cut
• READ: Bank Indonesia Will Cut Policy Rate Tuesday: Morgan Stanley

To contact the reporter on this story: Lilian Karunungan in Singapore at lkarunungan@bloomberg.net To contact the editors responsible for this story: Tomoko Yamazaki at tyamazaki@bloomberg.net Andrew Janes

Economic Release Details: {THG PQY Index ECOD} --SUNIL JAGTIANI