HALISTER1: INDIA RATINGS: STCI Finance, Nitin Fire Cut; Nahar Homes Raised

INDIA RATINGS: STCI Finance, Nitin Fire Cut; Nahar Homes Raised

(Bloomberg) -- Here’s a roundup of debt-rating changes of Indian cos.
  • To get this story sent to your inbox real-time, run NI INRATINGS , click on Display & Edit, then Set Alert Delivery
DOWNGRADES
  • Bebitz Flanges
    • Long-term bank facilities cut to BBB+ from A- at Care
    • Cites deterioration in operational, financial performance
  • Gupta Exim
    • LT bank facilities cut to D from C at Care
    • Cites ongoing delays in servicing of debt obligations
  • Hubtown Bus Terminal
    • LT bank facilities cut to D from BB at Care
    • Cites weakened liquidity position
  • Neeli Aqua
    • LT loan facilities cut to D from B at Crisil
    • Cites instances of delay in servicing debt
  • Nitin Fire Protection
    • LT loan facilities cut to BBB+ from A- at Crisil
    • Cites increased working capital requirement
  • Oriental Pathways Agra
    • LT bank facilities cut to D from BBB- at Care
    • LT bank facilities of Oriental Pathways Nagpur also cut to D from BBB- at Care
    • Cites delay in servicing of debt obligations
  • Oriental Structural
    • LT bank facilities cut to A- from A at Care
    • Cites subdued financial performance with decline in operating income, profitability
  • Saikrupa Cotgin
    • LT fund-based facilities cut to D from B+ at ICRA
    • Cites delays in debt servicing
  • Samsung Overseas
    • LT loan facilities cut to BB- from BB at Crisil
    • Cites stretched liquidity position
  • STCI Finance
    • LT debt program cut to AA- from AA at ICRA
    • Cites multi notch revision in LT ratings of its largest shareholder Bank of India
  • Sun Hospitality
    • Term loan cut to D from B at ICRA
    • Cites delays in debt servicing
  • Trimex Industries
    • LT loan facilities cut to D from BB at Crisil
    • Cites delays in servicing of term debt
  • Wondervalue Realty
    • LT bank facilities cut to BB- from BB at Care
    • Cites significant delay in project
UPGRADES
  • Alina
    • LT loan facilities raised to BBB from BBB- at Crisil
    • Expects business risk profile to continue to improve over the medium term
  • Digital Ventures
    • LT bank facilities raised to BBB+(SO) from BBB-(SO) at Care
    • Cites credit enhancement in the form of corporate guarantee extended by Zee Learn
  • IVY Health
    • LT bank facilities raised to BBB from BBB- at Care
    • Cites fund infusion by LIC Housing Finance
  • Nahar Homes
    • LT bank facilities raised to BBB from BB- at Care
    • Cites established brand name within real estate business, reasonable project execution
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
6588540Z IN (Bebitz Flanges Works Pvt Ltd)
CIM AU (CIMIC Group Ltd)
0359533D IN (Gupta Exim Pvt Ltd)
NFPI IN (Nitin Fire Protection Industries Ltd)
819404Z IN (Oriental Structural Engineers Pvt Ltd)

To de-activate this alert, click here

UUID: 7947283

HALISTER1: Hopes for BOJ Easing Remains, Supporting Japan Bonds: MassMutual

Hopes for BOJ Easing Remains, Supporting Japan Bonds: MassMutual

(Bloomberg) -- Impact on Japanese govt bonds from BOJ’s decision to maintain policy today will probably be limited as it keeps expectations alive for further easing in the future, according to MassMutual Life Insurance.
  • Even if bonds see some selling pressure today, their floor should be supported by general buying toward month-end, Satoshi Shimamura, head of rates and markets at the investment strategy department, says in interview
  • Life insurance companies’ plans not to increase govt debt purchase this fiscal year will weigh on securities, putting pressure on curve to steepen
  • Yield on 0.1% notes due March 2026 down 3 bps to -0.090%
  • NOTE: BOJ keeps policy unchanged, delays timing for CPI target
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Satoshi Shimamura (Massachusetts Mutual Life Insurance Co)

To de-activate this alert, click here

UUID: 7947283

HALISTER1: INSIDE ASIA: Kiwi Soars as RBNZ Holds Rate, Yen Slips With Data

INSIDE ASIA: Kiwi Soars as RBNZ Holds Rate, Yen Slips With Data

(Bloomberg) -- The Kiwi jumps after RBNZ held rates, while most Asian currencies were little changed after the Fed also kept interest rates unchanged.
  • New Zealand dollar rose as much as 1.4%, after the central bank left the official cash rate at 2.25%, while signaling easing might be needed
    • There was a deliberate attempt by the RBNZ to maintain a clear dovish tone, perhaps recognizing the possible NZD consequences of a more upbeat message: ANZ economists Cameron Bagrie and Philip Borkin
    • Annual core inflation remains within target range and long-term inflation expectations are well-anchored at 2%, according to the central bank
  • Asian currencies largely unchanged post FOMC meeting, though yen slips 0.2% ahead of BOJ decision this morning
    • Risk sentiment post-FOMC was supported with equities firmer, dollar index was largely stable, continues to be cautious month-end USD/AXJ sell flows: Christopher Wong, senior FX analyst at Maybank
  • Japan releases slew of economic data that suggests Kuroda is far from his 2% inflation goal
    • March core CPI fell 0.3% y/y, ests. -0.2%; industrial output rose 3.6% y/y, ests. +2.8%
    • BlackRock’s Fink says BOJ’s Kuroda has run out of runway; adds monetary policy in Japan will continue to fail
  • Yuan drops after PBOC lowers fixing first time in three days
    • Market may have expected PBOC to continue raising yuan fixing to defend RMB index, so the lower reference rate surprised some and brought offshore yuan lower, says Fiona Lim, senior FX analyst at Maybank
    • PBOC is said to urge rules to manage lending cos.: China Business News
  • Rupiah drops after rising as much as 0.11% earlier
    • Bank Indonesia to launch 2015 economic report, with speakers including Governor Agus Martowardojo, Finance Minister Bambang Brodjonegoro and Coordinating Minister for Economic Affairs Darmin Nasution
    • Central bank may lower the primary reserve requirement by another 50bps before yr end to boost lending, Gundy Cahyadi, economist at DBS Group Holdings, said in Jakarta yesterday
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Agus Martowardojo (Bank Indonesia)
Bambang Brodjonegoro (Republic of Indonesia)
Christopher Wong (Malayan Banking Bhd)
Darmin Nasution (Republic of Indonesia)
Fiona Lim (Malayan Banking Bhd)

To de-activate this alert, click here

UUID: 7947283