INDIA RATINGS: UCO Bank Cut; Adani Agri, Agroh Toll Raised
(Bloomberg) -- A roundup of debt rating changes of Indian cos. To get this story sent to your inbox in real-time, run
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DOWNGRADES:
- Howrah Mills
- LT loan facilities cut to D from B+ at Crisil
- Cites continuously overdrawn cash credit account for more than 30 days
- UCO Bank
- Lower tier 2 bonds cut to AA from AA+ at Care Ratings; upper tier 2 cut to AA- from AA
- Cites moderation in profitability ratio, deterioration in asset quality parameters
UPGRADES:
- Adani Agri Logistics
- LT bank facilities raised to BBB+ from BBB at Care Ratings
- Cites established track record for timely receipt of storage & handling charges from Food Corp. of India
- Agroh Toll Highways
- LT bank facilities revised to A- from BBB(SO) at Care Ratings
- Cites standalone credit strength marked by established operational track record of more than 1Y with receipt of 2 semiannual annuities
- Kkalpana Industries
- LT bank facilities raised to A- from BBB+ at Care Ratings
- Cites significant improvement in capital structure
- R.G. International
- LT loan facilities revised to BB from BB- at Crisil
- Cites healthy increase in revenue
- TCS and Associates
- LT facilities revised to BB- from B+ at ICRA
- Cites growth in operating income in FY15
Alert:
HALISTER1Source: BFW (Bloomberg First Word)
Tickers ADE IN (Adani Enterprises Ltd)
UCO IN (UCO Bank)
8122650Z IN (Howrah Mills Co Ltd)
KLP IN (Kkalpana Industries India Ltd)
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