INDIA RATINGS: Anil, Oriental Bank Cut; KSE Electricals 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:
- Anil
- Long-term bank facilities cut to BBB from BBB+ at Care Ratings
- Cites continuous elongation of operating cycle, increasing debt level
- Oriental Bank of Commerce
- Basel III tier 2 bonds cut to AA from AA+ at ICRA; additional tier 1 also cut to A+ from AA-
- Cites higher than anticipated stress, slower than expected pace of recovery
- Plastene India
- LT bank facilities cut to BB from BBB- at Care Ratings
- Cites tightening of liquidity profile due to increased working capital intensity of operations
- Vimal Chhaganlal Jewellers
- LT loan facilities cut to D from B at Crisil
- Cites delays in meeting interest obligation
UPGRADES:
- Biological E
- LT bank facilities revised to AA from A+ at Care Ratings
- Cites growth in total operating income, profitability margins
- Dugar Polymers
- Fund based limits revised to BB- from B+ at ICRA
- Cites steady increase in revenues
- KSE Electricals
- LT bank facilities raised to BBB+ from BBB at Care Ratings
- Cites improved mkt positioning
- Phoenix Projects
- LT bank facilities revised to BBB- from BB+ at Care Ratings
- Cites significant growth in scale of operations
- S.J. Green Park Energy
- LT loan facilities revised to BBB from BBB- at Crisil
- Expects operating performance to improve on a sustained basis over medium term backed by healthy plant load factor
Alert:
HALISTER1Source: BFW (Bloomberg First Word)
Tickers ANPR IN (Anil Ltd)
OBC IN (Oriental Bank of Commerce)
9264101Z IN (KSE Electricals Pvt Ltd)
PLIL IN (Plastene India Ltd)
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