Halister News

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

• To get this story sent to your inbox real-time, run NI INRATINGS, click on Display & Edit, then Set Alert Delivery

DOWNGRADES

• Axiom Propack
  • Long-term bank facilities cut to D from BB- at Care
  • Cites ongoing delay in servicing of debt obligation
• Hilton Infrastructure
  • LT bank facilities raised to D from B+ at Care
  • Cites delay in debt servicing
• OPGS Power Gujarat
  • Term loans cut to BB+ from BBB- at ICRA
  • Cites deterioration in company’s financial profile
• Religare Securities
  • LT debt program cut to A from A+ at ICRA
  • Cites significant deterioration in financial flexibility of Religare group due to challenges on incremental funding
• Saxena Marine-Tech
  • LT bank facilities cut to D from BB- at Crisil
  • Cites delay in meeting repayment obligation on term loan

UPGRADES

• Digital Venture
  • Term loan raised to A-(SO) from BBB+(SO) at Brickwork
  • Cites strong parentage of Essel group
• Faze Three
  • LT bank facilities raised to BBB- from BB at Care
  • Cites improvement in company’s capital structure, debt protection metrics
• Indiabulls Commercial Credit
  • NCDs, LT bank facilities raised to AAA from AA+ at Care
  • Cites increase in scale of operations
• Orange Jaisalmer Wind Energy
  • Term loan raised to A- from BBB+ at Care
  • Cites project’s satisfactory operational track record
• RNS Power
  • LT bank facilities raised to BB from B+ at Crisil
  • Cites healthy operating performance

--VERONICA EK

--ASHUTOSH JOSHI

(Bloomberg) -- The Reserve Bank of Australia is scheduled to release minutes from its July 4 policy rate meeting at 11:30am local time.

• RBA kept its benchmark cash rate unchanged at 1.5% on July 4
• NOTE: RBA Holds Key Rate to See If Hiring Burst Augurs Wage Rises (1)
• RESEARCH ROUNDUP: RBA Statement Flags Risks to Growth Forecast

To contact the reporter on this story: Patricia Lui in Singapore at plui4@bloomberg.net

(Bloomberg) -- Municipal-bond investors should shift out of short-term debt toward securities that come due in 10 to 15 years, Piper Jaffray Cos. analysts Justin Hoogendoorn and Brett Adlard said in a research report.

• “We recommend exiting rich 5yr and in paper and moving further out the curve. Investors should focus in the 10yr-15yr area for improved yield, roll and protection from a hawkish Fed,” the analysts write.
• “Investors can pick up double the yield and improve credit quality by doing this extension trade.”
• AA rated 5-year municipal revenue bonds yield 1.48 percent, compared with 2.75 percent for similar grade 15-year securities, according to Bloomberg’s indexes

To contact the reporter on this story: Kristy Westgard in New York at kwestgard1@bloomberg.net To contact the editors responsible for this story: Christopher Maloney at cmaloney16@bloomberg.net William Selway