INDIA RATINGS: JK Tyre, Reliance Power Cut; Manappuram Raised
(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
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DOWNGRADES
- Central Bank of India
- Lower tier 2 bonds cut to A from A+ at Care, upper tier 2 reduced to A- from A
- Cites significant deterioration in capital adequacy parameters
- Dignity Buildcon
- Long-term bank facilities cut to BB+ from BBB- at Care
- Cites delay in project completion
- JK Tyre
- LT bank facilities cut to A+ from AA- at Care
- Cites lower debt coverage indicators due to decline in profitability
- Pawan Impex
- LT bank facilities cut to BB+ (SO) from BBB (SO) at Care
- Cites decline in tenancies
- Reliance Power
- Non fund-based limit cut to BBB from A- at ICRA
- Cites increase in leveraging level, refinancing risks
- Sri Lakshmi Saraswathi Spintex
- LT bank facilities cut to D from BB at Crisil
- Cites instances of delay in servicing term debt
UPGRADES
- BGR Energy
- Fund-based facility raised to A- from BBB+ at Brickwork
- Cites strong order book
- Manappuram Finance
- LT bank facilities, NCDs raised to AA from AA-
- Cites significant improvement in financial performance
- Maple Renewable
- LT bank facilities raised to BB- from D at Crisil
- Cites timely debt servicing track record
- Neogen Chemicals
- LT bank facilities raised to BBB from BBB- at Crisil
- Cites ramp up in operations
- Suvarna Durga Bottles
- LT bank facilities raised to BB+ from BB at Crisil
- Cites improvement in business risk profile, liquidity
- Triton Hotels
- Term loan raised to BBB+ from BBB at ICRA
- Cites improvement in operating performance
Alert:
HALISTER1Source: BFW (Bloomberg First Word)
Tickers JKI IN (JK Tyre & Industries Ltd)
MGFL IN (Manappuram Finance Ltd)
RPWR IN (Reliance Power Ltd)
CBOI IN (Central Bank of India)
BGRL IN (BGR Energy Systems Ltd)
Topics First Word Credit Asia
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