Halister News

(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

• Essel Mining
  • Long-term bank facilities, NCDs cut to AA- from AA at Crisil
  • Cites longer-than-expected delay in resumption of mining operations at Jilling iron ore mines
• Eurotas Infrastructure
  • Fund-based facility cut to BB+(SO) from A-(SO) at Brickwork
  • Cites continuous loss
• Prime Gold
  • Cash credit cut to D from BBB- at Brickwork
  • Cites the company has been unable to service debt in timely manner
• Shree Prakash Textiles
  • LT bank facilities cut to BB from BB+ at Crisil
  • Cites weakening of financial risk profile, particularly liquidity
• Surbhi Gems
  • LT bank facilities cut to BB- from BB at Crisil
  • Cites decline in revenue

UPGRADES

• Lakme Vitrified
  • LT bank facilities raised to B+ from B at Crisil
  • Cites earlier-than-expected commencement of commercial operations
• PC Jeweller
  • LT bank facilities raised to A+ from A at Crisil
  • Cites increase in revenue

(Bloomberg) -- Reserve Bank of Australia Governor Philip Lowe says allegations that Commonwealth Bank of Australia breached anti-money laundering laws are a “very serious matter” and that if shortcomings are identified, people must be held to account.

• While declining to comment directly on the allegations against Commonwealth Bank, Lowe tells committee of lawmakers in Melbourne that the laws must be respected
• “We have these rules and these laws for reasons,” Lowe says “Banks should not be doing money laundering and they should know who is operating the accounts”
• NOTE: The nation’s financial crimes agency Austrac alleges Commonwealth Bank breached money-laundering laws more than 50,000 times and failed to monitor the activities of drug syndicates even after being alerted by police. The lender has blamed a software coding error.
• “If shortcomings are identified then there needs to be accountability and that accountability needs to be both through the courts and internally within the organization”
• “We have these laws for a reason and they need to be enforced and people need to be held to account”
• Lowe commented more broadly on banking culture in Australia, saying “trust in banking has been strained” and “service has taken a back seat to sales”
• Related Story: Narev Grilled Over Money Laundering as Record Profit Ignored

To contact the reporter on this story: Edward Johnson in Sydney at ejohnson28@bloomberg.net

(Bloomberg) -- Reserve Bank of Australia Governor Philip Lowe speaks to the House Economics Committee in Melbourne.

• While declining to comment directly on the allegations against Commonwealth Bank of Australia, Lowe tells committee that anti- money laundering laws are important.
• There “needs to be accountability through the courts and internally through the organization”
• Lowe notes that trust on the banking sector has been strained, and that for too long the focus has been on sales and not on service
• Related Story: Narev Grilled Over Money Laundering as Record Profit Ignored

To contact the reporter on this story: Edward Johnson in Sydney at ejohnson28@bloomberg.net