HALISTER1: INDIA RATINGS: Corporation Bank, Kirloskar Cut; Pinnacle Raised

INDIA RATINGS: Corporation Bank, Kirloskar Cut; Pinnacle 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:
  • Corporation Bank
    • Lower tier 2 bonds cut to AA from AA+ at ICRA
    • Cites decline in asset quality
  • JMT Auto
    • Term loans cut to BB+ from BBB- at ICRA
    • Cites significant decline in turnover, profits during first 9 mos. of FY16
  • Kirloskar Brothers
    • Long-term loan facilities cut to AA- from AA at Crisil
    • Cites weaker-than-expected operating performance with decline in profitability in product segment and international business
  • Nandan Buildcon
    • LT bank facilities cut to B+ from BB- at Care Ratings
    • Cites slower-than-envisaged construction of commercial project
  • Sitaram Maharaj Sakhar Karkhana
    • LT bank facilities cut to D from B at Care Ratings
    • Cites ongoing delays in debt servicing
UPGRADES:
  • New Asian Construction
    • Non fund based limits revised to C+ from D at ICRA
    • Cites regularization of debt servicing obligations
  • Pinnacle Industries
    • LT bank facilities cut to BBB from BBB- at Care Ratings
    • Cites growth in scale of operations in FY15 and 8 mos. of FY16
  • Radico NV Distilleries Maharashtra
    • LT bank facilities revised to A from BBB at Care Ratings
    • Cites strengthening of net-worth and liquidity profile post receipt of capital subsidy from Maharashtra govt
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
CRPBK IN (Corp Bank)
JMT IN (JMT Auto Ltd)
7176597Z IN (Pinnacle Industries Ltd)
RDCK IN (Radico Khaitan Ltd)

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UUID: 7947283

HALISTER1: TAIWAN PREVIEW: Industrial Production Data May Cement Rate Cut

TAIWAN PREVIEW: Industrial Production Data May Cement Rate Cut

(Bloomberg) -- Output forecast to decline for ninth consecutive month, which may encourage central bank to lower interest rates at March meeting, Bloomberg strategist David Finnerty writes.
  • Jan. IP seen at -6.05% y/y compared with -6.17% in Dec. according to median est. in Bloomberg survey; data due at 4:00pm local time tomorrow
  • Central bank cut benchmark interest rate by 12.5 bps to 1.625% at last meeting in Dec.; since then, GDP negative y/y in 4Q for the second consecutive quarter, export orders continue to fall and inflation remains under 1%, increasing prospects CBC will cut rates to stimulate growth
  • NOTE: David Finnerty is an FX strategist who writes for Bloomberg. The observations he makes are his own and are not intended as investment advice.
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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UUID: 7947283

HALISTER: Apple’s Best Arguments Against the U.S. Over iPhone Access

Apple’s Best Arguments Against the U.S. Over iPhone Access

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
AAPL US (Apple Inc)

People
Cyrus Vance (New York County/NY)
D Sewell (Apple Inc)
James Comey (DOJ United States Federal Bureau of Investigation)
James Orenstein ((US)Dist Court:NY-Eastern)
Marc Zwillinger (Zwillinger Genetski Llp)

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UUID: 7947283

HALISTER1: SINGAPORE PREVIEW: Output Contraction Seen Extending to One Year

SINGAPORE PREVIEW: Output Contraction Seen Extending to One Year

(Bloomberg) -- Factory output probably fell 5.1% y/y in Jan. following 7.9% decline in Dec., according to median est. in Bloomberg survey; range of ests. from -9.0% to -1.1%; data due 1pm local time tomorrow.
  • Would be 12th month of negative output; see table here
  • Since release of Dec. IP data on Jan. 26, Singapore PMI fell to 49.0 from 49.5, retail sales dropped to 2.9% from 4.7%, non-oil domestic exports contracted 9.9% from -7.2% and CPI held steady at -0.6%
  • Over same period USD/SGD has declined 1.5% to 1.4050; 10- year bond yields down 16 bps to 2.187%
  • NOTE: GDP grew 6.2% q/q in 4Q, more than initially estimated
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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UUID: 7947283

HALISTER: Islamic State Releases Video Targeting Facebook, Twitter CEOs

Islamic State Releases Video Targeting Facebook, Twitter CEOs

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
FB US (Facebook Inc)
TWTR US (Twitter Inc)

People
Jack Dorsey (Twitter Inc)
Mark Zuckerberg (Facebook Inc)
Barack Obama (United States of America)
Rita Katz (Site Institute)

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UUID: 7947283