Halister News

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.

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DOWNGRADES

• BMM Ispat
  • Long-term bank facilities cut to D from B+ at Care
  • Cites delays in debt servicing
• B.P. Food
  • Fund-based limits cut to BB from BBB- at ICRA
  • Cites weak operating performance
• Digjam
  • LT bank facilities cut to D from B+ at Care
  • Cites delays in debt servicing due to stressed liquidity
• NSL Sugars
  • Fund-based facility cut to BB- from BB+ at Brickwork
  • Cites stretched liquidity position
• Raigarh Champa Rail
  • Term loans cut to D from C at ICRA
  • Cites delays in servicing of debt obligations

• Sai Regency Power
  • Term loans cut to D from BB at ICRA
  • Cites delays in servicing of debt obligations

UPGRADES

• Gayatri Jhansi Roadways, Gayatri Lalitpur Roadways
  • LT bank facilities raised to A from A- at Care
  • Cites successful completion of first major maintenance, improvement in credit profile of principal sponsor
• Novelty Associates
  • Fund-based bank facilities raised to BB- from B+ at India Ratings
  • Cites improvement in revenue, operating profit and interest coverage
• Xander Finance
  • LT borrowing programme raised to A+ from A at ICRA
  • Cites healthy performance with a scaling up of loan book, consistent profitability metrics

(Bloomberg) -- Shandong Ruyi’s dollar bonds offer relative value among notes issued by China high yield industrial companies, according to a Wednesday note from StanChart.

• Investors should refocus on Ruyi operations, financials and business plans as they are the basis for its credit rating and ability to service debt rather than dwelling on the SOE stake in the company
  • NOTE: Yinchuan Tonglian, a state-owned enterprise in Yinchuan city, remains “legal owner” of 26% equity in Shandong Ruyi, co. says in July 18 statement
  • The CNY2b investment from Yinchuan for 26% stake in Ruyi is “not significant” compared to the company’s revenue, scale, assets and equity base: StanChart
• Shandong Ruyi’s 2022 notes rose 2.5c to 91.1c on the dollar as of 12:32pm, according to Bloomberg-compiled prices; they slumped ~6c since July 13
• Earlier story: Ruyi Bonds Drop on Concern About Shareholder Disclosure

To contact the reporter on this story: Lianting Tu in Hong Kong at ltu4@bloomberg.net To contact the editors responsible for this story: Neha D'silva at ndsilva1@bloomberg.net David Yong

(Bloomberg) -- Changes to Philipines’ anti-money laundering law, including inclusion of casinos, “significantly strengthen” nation’s ability to prevent entry of illicit money, Bangko Sentral ng Pilipinas Governor Nestor Espenilla says in mobile-phone message to reporters.

• “It plugs a critical gap in our legal framework,” he says
• NOTE: Duterte Approves Casino Inclusion in Law Against Dirty Money
• NOTE: Last year, thieves stole $81m from Bangladesh central bank after hacking into its account at U.S. Fed, routed funds to accounts at Manila-based Rizal Bank and laundered them through southeast Asian nation’s casinos, where the trail went cold

To contact the reporter on this story: Siegfrid Alegado in Manila at aalegado1@bloomberg.net To contact the editors responsible for this story: Clarissa Batino at cbatino@bloomberg.net Ditas Lopez

(Bloomberg) -- Philippine President Rodrigo Duterte signed amendments to anti-dirty money law to include casinos, according to copy of document released by presidential office to media.

• Under Republic Act 10927 signed by Duterte on July 14, single casino cash transactions involving 5m pesos are now covered by anti-money laundering law
  • Internet, ship-based casinos also covered by new law
• Anti-money laundering council, gaming agency to craft implementing rules of new law
• NOTE: Philippines was thrown into spotlight last year for what is described as one of the largest bank heists in modern history; thieves stole $81m from Bangladesh central bank after hacking into its account at U.S. Fed, routed funds to accounts at Rizal Bank before most of money disappeared through southeast Asian nation’s casinos

To contact the reporter on this story: Andreo Calonzo in Manila at acalonzo1@bloomberg.net To contact the editors responsible for this story: Clarissa Batino at cbatino@bloomberg.net Ditas Lopez