INDIA RATINGS: IFCI Factors Cut; JSW Cement, Manappuram Raised
(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
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DOWNGRADES
- Carzonrent
- Long-term bank facilities cut to BBB- from BBB at Crisil
- Cites weakening of business risk profile
- Challa Infra
- LT bank facilities cut to BB- from BB at Crisil
- Cites extensive utilization of bank lines with instances of overdrawals
- IFCI Factors
- LT NCD cut to BBB+ from A- at Brickwork
- Cites significantly high levels of stressed assets
- Jay Bee Laminations
- LT bank facilities cut to BBB- from BBB at Crisil
- Cites weaker-than-expected operating income
- Modi Car Agencies
- LT bank facilities cut to BB from BBB- at Crisil
- Cites weakening of capital structure
UPGRADES
- JSW Cement
- LT bank facilities raised to BBB from BBB- at Crisil
- Cites improving utilization, diversified presence and strong operating efficiency
- Manappuram Finance
- NCD raised to AA from AA- at Brickwork
- Cites increase in assets under management, net interest income and branches
- Narayani Coke
- LT bank facilities raised to BB+ from BB at Crisil
- Cites absence of any debt-funded capex plan over the medium term
Alert:
HALISTER1Source: BFW (Bloomberg First Word)
Tickers IFCI IN (IFCI Ltd)
MGFL IN (Manappuram Finance Ltd)
6594980Z IN (Carzonrent India Pvt Ltd)
9156571Z IN (JAY Bee Laminations Pvt Ltd)
0886730D IN (JSW Investments Pvt Ltd)
Topics First Word Credit Asia
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