INDIA RATINGS: Uttam Sugar Cut; Jindal Worldwide, Subex Raised
(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
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DOWNGRADES
- Healthfore Technologies, Ligare Aviation
- Long-term bank facilities cut to C(SO) from BBB+(SO) at Care
- Cites delays in servicing debt due to weakened support from RHC Holding
- Krishnaping Minerals
- LT bank facilities cut to BB- from BB at Crisil
- Cites significant customer concentration risk
- Sri Lakshmi Saraswathi Cotspin
- LT bank facilities cut to D from BB- at Crisil
- Cites instances of delay in servicing term debt
- Uttam Sugar Mills
- LT bank facilities cut to D from B at Care
- Cites delays in servicing debt obligation
UPGRADES
- Jindal Worldwide
- Fund-based facilities raised to A+ from A at Brickwork
- Cites experience of management in textile industry
- Pimpri Chinchwad Municipal
- Bond upgraded to AA from AA- at Crisil
- Cites healthy revenue surplus, robust liquidity
- Shree Datt Aquaculture
- Fund-based working capital facilities raised to BBB- from BB+ at India Ratings
- Cites growth in revenue
- SPR Construction
- NCD raised to BB from BB- at Brickwork
- Cites experience in real estate sector, successful track record of previously completed projects
- Subex
- Fund-based limits raised to A- from BBB+ at India Ratings
- Cites full repayment of LT debt, while maintaining a significant cash balance
- The Fertilisers and Chemicals
- LT bank facilities raised to BB- from B+ at Crisil
- Cites healthy capacity utilization leading to better absorption of fixed overheads
Alert:
HALISTER1Source: BFW (Bloomberg First Word)
Tickers JINW IN (Jindal Worldwide Ltd)
SUBX IN (Subex Ltd)
UTSM IN (Uttam Sugar Mills Ltd)
HTEC IN (Healthfore Technologies Ltd)
FCT IN (Fertilisers & Chemicals Travancore Ltd)
Topics First Word Credit Asia
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