HALISTER1: INDIA RATINGS: Appu Hotels Cut to D; Nilons Enterprises Raised

INDIA RATINGS: Appu Hotels Cut to D; Nilons Enterprises Raised

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
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DOWNGRADES
  • Appu Hotels
    • NCDs cut to D from B+ at Care
    • Cites instances of delays in servicing debt obligations
  • Kandagiri Spinning Mills
    • Long-term bank facilities cut to B+ from BB- at Care
    • Cites decline in revenues
  • Tinna Rubber
    • Fund-based limits cut to B+ from BB- at ICRA
    • Cites fall in operating income
  • Tips Industries
    • LT bank facilities cut to BB from BB+ at ICRA
    • Cites decline in revenues
UPGRADES
  • Euro India Fresh Foods
    • LT bank facilities raised to B- from D at Crisil
    • Cites timely repayment of term debt
  • Future Lifestyle
    • Term loan raised to AA- from A+ at Care
    • Cites reduction in debt through value unlocking of key brands
  • Nilons Enterprises, Sanghavi Foods
    • Both companies part of Nilon’s group
    • LT bank facilities raised to BBB- from BB+ at Crisil
    • Cites improving business risk profile, fund infusion by promoters
  • Simmonds Marshall
    • LT bank facilities raised to BBB+ from BBB at Crisil
    • Expects revenue growth to improve over the medium term, supported by favorable demand outlook for two-wheeler segment

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
EIFFL IN (Euro India Fresh Foods Ltd)
KDSN IN (Kandagiri Spinning Mills)
TPS IN (Tips Industries Ltd)
0925123D IN (Appu Hotels Ltd)
SMM IN (Simmonds Marshall Ltd)

Topics
First Word Credit Asia

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