HALISTER1: INDIA RATINGS: Tentiwala Metal Cut to D; Indian Express Raised

INDIA RATINGS: Tentiwala Metal Cut to D; Indian Express 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:
  • Sulaiman Steels
    • Long-term loan facilities cut to D from B at Crisil
    • Cites delays in servicing debt
  • Tentiwala Metal Products
    • LT loan facilities cut to D from B+ at Crisil
    • Cites delays in meeting term loan obligations
UPGRADES:
  • Ambuthirtha Power
    • Term loans raised to BBB from BBB- at ICRA
    • Cites long track record and relatively consistent operational performance
  • Enrich Agro Food
    • LT loan facilities revised to BBB from BBB- at Crisil
    • Expects group’s business risk profile to benefit from its established position in the carbonated soft drinks bottling industry
  • Indofil Industries
    • Short-term bank facilities raised to A1 from A2+ at Care Ratings
    • Cites steady improvement in operational performance
  • KCC Roads Construction
    • LT loan facilities raised to BBB from BBB- at Crisil
    • Cites earlier-than-estimated completion of build- operate-transfer project without any cost overrun
  • Nirmal Seeds
    • LT fund based facilities revised to BBB- from BB+ at ICRA
    • Cites consistent revenue growth during last 4 fiscals
  • SJS Enterprises
    • Working capital limits revised to A- from BBB+ at ICRA
    • Cites healthy business growth in FY15 and 9 mos. of FY16
  • The Indian Express
    • Terms loans revised to A- from BBB+ at ICRA
    • Cites healthy financial flexibility marked by robust capital structure
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
542269Z IN (Indian Express Ltd/The)
TMPL IN (Tentiwala Metal Products Ltd)
1333166D IN (Enrich Agro Food Products Pvt Ltd)
1366311D SP (Evergraph Holdings Pte Ltd)
0659643D IN (Indofil Industries Ltd)

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UUID: 7947283

HALISTER: Starboard Said to Take Initial Steps for Proxy Battle With Yahoo

Starboard Said to Take Initial Steps for Proxy Battle With Yahoo

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
YHOO US (Yahoo! Inc)
0290875D US (Starboard Value LP)

People
Carl Icahn (Icahn Enterprises Holdings LP)
Daniel Loeb (Third Point LLC)
Jeffrey Smith (Starboard Value LP)
Marissa Mayer (Yahoo! Inc)
Sarah Meron (Yahoo! Inc)

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UUID: 7947283

HALISTER1: INSIDE MALAYSIA: Ringgit Gains Ahead of 4Q GDP Data; Oil Rises

INSIDE MALAYSIA: Ringgit Gains Ahead of 4Q GDP Data; Oil Rises

(Bloomberg) -- Ringgit rises 1.0% to 4.1735 per dollar, helped by a 7.2% jump overnight in Brent crude.
  • Malaysia’s GDP probably expanded 4.1% y/y in 4Q, according to median est. in Bloomberg survey; that would be slowest pace of growth since at least 2011, based on govt data compiled by Bloomberg
  • FX pair is below pivot point at 4.2070; support broken at 4.1915, next at 4.1657, 4.1244; resistance at 4.2328, 4.2483, 4.2896
  • USD/MYR is above 38.2% Fibonacci retracement of trading range since May; see chart here, also above its 200-DMA at 4.0824 since Oct. 2014
  • Ringgit’s 1-mo. NDF rises 0.2% to 4.1772
  • Malaysia is going to face more difficulty in the coming months given Jan. 28 warning from BNM’s Zeti that inflation may spike to over 4% this qtr, according to BofAML note yesterday
    • Growth is decelerating, with exports contracting in Dec. at steepest pace in three years, says BofAML
    • Higher levies on foreign workers will increase wage cost pressures which could be passed on to consumers
    • Other risks include central bank succession, dwindling current account surplus and tightening fiscal measures
  • Yield on 3.955% govt bond due Sept. 2025 closed 1 bp lower yesterday at 3.929%
  • Five-year credit-protection costs for Malaysia declined by 6 bps to 178 bps yesterday, lowest since early December: CMA
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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UUID: 7947283

HALISTER: Apple Draws Line in Sand While Silicon Valley Waits to Pick Side

Apple Draws Line in Sand While Silicon Valley Waits to Pick Side

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
AAPL US (Apple Inc)
GOOG US (Alphabet Inc)

People
Timothy Cook (Apple Inc)
Barack Obama (United States of America)
Bret Taylor (Quip)
Garrett Johnson (Sendhub)
Robert Cattanach (Dorsey & Whitney LLP)

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UUID: 7947283