HALISTER1: INDIA RATINGS: Dhanlaxmi Cotex, Nitesh Estates Cut; PNG Raised

INDIA RATINGS: Dhanlaxmi Cotex, Nitesh Estates Cut; PNG Raised

(Bloomberg) -- A roundup of debt rating changes of Indian cos. To get this story sent to your inbox in real-time, run NI INRATINGS , click on Display & Edit, then Set Alert Delivery. DOWNGRADES:
  • Dhanlaxmi Cotex
    • Long-term loan facilities cut to D from B at Crisil
    • Cites instances of delay in servicing term debt
  • Joonktollee Tea
    • LT loan facilities cut to BBB- from BBB at Crisil
    • Cites dip in operating profitability leading to higher dependency on non-operating income to support liquidity
  • Nitesh Estates
    • Fund-based facilities cut to D from BB- at ICRA
    • Cites delays in debt servicing in the recent past due to slowdown in sales volumes
  • Rainbow Papers
    • LT loan facilities cut to D from B+ at Crisil
    • Cites delay in servicing debt obligations
UPGRADES:
  • PNG Jewellery & Gems
    • LT bank facilities revised to BBB from BBB- at Care
    • Cites growing scale of operations, improved capital structure
  • Youngman Woollen Mills
    • LT loan facilities revised to BBB- from BB+ at Crisil
    • Crisil also raises Youngman Synthetics’ LT loan facilities BBB- from BB+
    • Expects group’s revenue to continue to grow over the medium term
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
DHCO IN (Dhanlaxmi Cotex Ltd)
NITE IN (Nitesh Estates Ltd)
JTIL IN (Joonktollee Tea & Industries Ltd)
RBWP IN (Rainbow Papers Ltd)
9771089Z IN (Youngman Woollen Mills Pvt Ltd)

To de-activate this alert, click here

UUID: 7947283

HALISTER1: Philippines Files Laundering Complaint Vs Rizal Bank Manager

Philippines Files Laundering Complaint Vs Rizal Bank Manager

(Bloomberg) -- Anti-Money Laundering Council filed complaint against Rizal Bank Jupiter branch manager Maia Santos Deguito, 4 others, before Philippine justice dept, according to copy of complaint dated March 11.
  • Deguito’s lawyer Ferdinand Topacio wasn’t replying to calls or text messages seeking comment; in an interview with DZMM radio on March 11, Deguito denied any wrongdoing
  • NOTE: Senate probe on how funds stolen from Bangladesh central bank entered Philippine financial system scheduled at 1:30pm
  • Deguito approved $80.9m of withdrawals by 4 John Does at Rizal Bank Jupiter branch in Makati City on Feb. 5 and 9 despite stop payment and freeze requests from Bangladesh Bank: complaint
  • Branch manager knew funds had been stolen from Bangladesh central bank: complaint
  • Only $68,305 remained when accounts were put on hold: complaint
  • NOTE: Rizal Bank Says It’s Probing $81 Million Deposit, Transactions Link
  • NOTE: Philippines’ SEC Chairman Expects Recovery in Some Stolen Funds Link
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

To de-activate this alert, click here

UUID: 7947283

HALISTER: Question Looming Over Aubrey McClendon Crash May Go Unanswered

Question Looming Over Aubrey McClendon Crash May Go Unanswered

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
0816774D US (American Energy Partners LP)
CHK US (Chesapeake Energy Corp)

People
Aubrey McClendon (American Energy Partners LP)
Nick Gerhart (State of Iowa)

Topics
BGOV Energy

To de-activate this alert, click here
To modify this alert, click here

UUID: 7947283

HALISTER1: INSIDE ASIA: China Said to Draft Rules for Tobin Tax on FX Trade

INSIDE ASIA: China Said to Draft Rules for Tobin Tax on FX Trade

(Bloomberg) -- Yuan trims losses after people with knowledge of the matter said China’s central bank has drafted rules for a Tobin tax on currency trading.
  • PBOC weakens yuan fixing by most since Jan. 7; State Administration of Foreign Exchange recently inquired about use of Qualified Domestic Institutional Investor scheme quotas and whether participants face FX pressure, China Business News reports; gold reserves should be increased to match nation’s GDP level and help make yuan an international currency, Economic Information Daily reports
  • Aussie falls for second day; Reserve Bank of Australia reiterates continued low inflation would provide scope to ease policy further, should that be appropriate to lend support to demand, according to minutes of March 1 meeting.
  • Yen rises before Bank of Japan’s monetary policy decision today; 35 of 40 economists surveyed by Bloomberg forecast BOJ will keep policy unchanged at the meeting; BOJ seen cutting economic assessment on exports: Nikkei
  • Won drops, set to snap three-day rally; South Korea revises FX trading rules so that non-banking institutions can perform FX-related businesses unless they are specifically banned by the rule, finance ministry says
  • U.S. Treasuries steady, with yield on 10-year bonds at 1.961%; data today may show retail sales in the world’s largest economy fell 0.2% in February from month earlier when they rose 0.2%: Bloomberg survey
  • Singapore dollar declines; retail sales in city-state increased 3.1% in January from year earlier versus 2.9% gain in December, according to Bloomberg survey before data today
  • Rupiah weakens; Indonesia’s exports probably fell 14.75% in February on year and imports likely slipped 11.53%, leaving trade surplus of $108m, a separate Bloomberg survey shows before today’s data; World Bank revises Indonesia 2016 GDP forecast down to 5.1%
  • Peso slips; overseas workers’ remittances to Philippines may have advanced 3.5% in January on year after gaining 4.9% in December, according to economists surveyed by Bloomberg before data today
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

To de-activate this alert, click here

UUID: 7947283