INDIA RATINGS: Muthoot Fincorp, Sintex Cut; Sami Labs Raised
(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
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DOWNGRADES
- Anish Infracon
- Long-term bank facilities cut to BBB from BBB+ at Crisil
- Cites decline in revenue and profitability
- Bihar Foundry
- LT bank facilities cut to D from B at Crisil
- Cites delays in meeting debt obligations
- Gujarat State Petroleum
- LT bank facilities, NCDs cut to A- from A+ at Crisil; subordinated NCDs cut to BBB+ from A
- Expects debt protection metrics and capital structure to remain weak
- GVR Ashoka Chennai
- Term loan cut to D from BBB+ at India Ratings
- Cites delays in debt servicing
- HILITE Realtors
- LT bank facilities cut to D from BB at Crisil
- Cites instances of delay in servicing term debt
- Muthoot Fincorp
- LT bank facilities cut to A- from A at Care
- Cites significant increase in exposure to real estate and group entities
- RattanIndia Power
- Term loan cut to BB+ from BBB at Brickwork
- Cites low power off-take by Maharashtra State Electricity Distribution Co.
- Rolex Rings
- LT bank facilities cut to D from B+ at Care
- Cites ongoing delays in servicing debt obligations
- Sintex Industries
- LT bank facilities, NCDs cut to A from AA+ at Care
- Cites significant change in business and financial risk profile after demerger of the company’s moulding business to Sintex-BAPL and monolithic construction and prefabricated structure business to Sintex Prefab
UPGRADES
- Delhi Airport Parking
- LT bank facilities raised to A+ from A- at Crisil
- Cites higher-than-expected debt service coverage ratio over the medium term helped by higher revenue
- Renfro India
- LT bank facilities raised to BBB from BBB- at Crisil
- Cites management’s focus on ramp-up in scale and profitability
- Sami Labs
- LT bank facilities raised to A- from BBB+ at Crisil
- Cites strong financial risk profile due to increasing penetration of its products
- Sintex-BAPL
- LT bank facilities raised to AA- from A at Care
- Cites significant addition in product profile and end-use industry post demerger
- Sintex Prefab
- LT bank facilities raised to A+ from A at Care
- Cites demerger of Sintex
- Uttam Sugar Mills
- LT bank facilities raised to BB- from D at Care
- Cites improvement in debt-servicing track record led by growing scale of operations
Alert:
HALISTER1Source: BFW (Bloomberg First Word)
Tickers 8232702Z IN (Muthoot Fincorp Ltd)
SINT IN (Sintex Industries Ltd)
GSPC IN (Gujarat State Petroleum Corp Ltd)
GMRI IN (GMR Infrastructure Ltd)
RTPOW IN (RattanIndia Power Ltd)
Topics First Word Credit Asia
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