Halister News

(Bloomberg) -- Link

(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

• Bank of Baroda
  • Basel II Upper Tier 2 and perpetual bonds cut to AA+ from AAA at Care; Basel III Tier 1 perps cut to AA from AA+
  • Cites “more than expected” deterioration in asset quality, profitability of bank, following asset-quality review by RBI
• Hind Rectifiers
  • Fund and non-fund based limits cut to BB+ from BBB- at ICRA
  • Cites co’s weakening financial risk profile
• UCO Bank
  • Planned AT1 Basel III bonds cut to A from A+ at Care
  • Cites “more than expected” deterioration in asset quality, profitability of bank following asset quality review by RBI

UPGRADES

• IndoSpace SKCL Industrial Park
  • LT rating raised to A- from BBB+ at Crisil
  • Cites improvement in credit-risk profile, driven by leasing of additional space and controlled reliance on external debt
• Parasakti Cement
  • Fund-based and term loan facilities raised to BBB from BBB- at ICRA
  • Cites improvement in co’s credit profile, driven by increase in cement realization over the past yr

(Bloomberg) -- (FSC official corrects number of disputes during Q&A session, which mentioned in third bullet.) Yen weakens against dollar; Japanese Prime Minister Abe plans to announce package of new spending measures on Tuesday to boost the economy, Nikkei newspaper reports, without saying where it got the information; public support for fiscal stimulus rises 8 points to 55% in March from February, according to Nikkei Inc./TV Tokyo poll; Abe will announce in May his intention to delay the scheduled April 2017 consumption-tax increase to 10% from 8%, Sankei reports.

• China’s seven-day repo rate drops for third day; PBOC researcher Yao Yudong proposes cutting maximum-margin individual income-tax rate to 35% from 45%, or switching the current progressive taxing mechanism to a fixed 20% tax system, Shanghai Securities News reports; country sets a higher requirement on information disclosure for securities backed by non-performing loans compared with other ABS, National Business Daily reports
• Ringgit strengthens; 1MDB will announce more debt payments in two to three weeks, Bernama reports, citing 1Malaysia Development President Arul Kanda
• Taiwan dollar advances; island still has 118 unresolved yuan target redemption forward disputes, regulator is planning a mediation mechanism to be implemented by mid-April, Financial Supervisory Commission Minister Jennifer Wang says
• Onshore financial markets remain shut in Australia, New Zealand and Hong Kong