INDIA RATINGS: Aircel, UCO Bank Cut; Ramco, Peregrine Raised
(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
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DOWNGRADES
- Aircel
- Fund-based, non-fund based limits cut to BB+ from BBB at ICRA
- Same limits of Aircel Cellular, Aircel Smart Money and Dishnet Wireless also lowered to BB+ from BBB at ICRA
- Cites continuing pressure on Aircel’s revenue generation, which pressures cash flows available to meet debt servicing obligations
- Asuti Trading
- Short-term bank facilities cut to D from A4+ at Care
- Cites ongoing delays in debt servicing due to devolvement of letter of credit
- BEC Fertilizers
- Long-term bank facilities cut to D from B+ at Care
- Cites ongoing delays in debt servicing
- Mirha Exports
- Fund-based limits cut to A3 from A2 at ICRA
- Cites cash flow mismatches
- Sunworld Residency
- Term loan cut to D from BB at ICRA
- Cites delays in servicing of debt obligations
- UCO Bank
- Basel III AT1 cut to BBB+ from A- at Brickwork, Tier 2 cut to A+ from AA-
- Cites deterioration in asset quality
UPGRADES
- DBL Betul Sarni Tollways
- LT bank facilities raised to A+(SO) from A-(SO) at Care
- Cites revision in rating of guarantor Dilip Buildcon
- Ernad Engineering
- LT bank facilities raised to BB- from B+ at Crisil
- Cites healthy order book providing adequate revenue visibility over the medium term
- Peregrine Guarding
- LT bank facilities raised to BBB+ from BBB at Crisil
- Cites strong operational, financial support from parent
- Ramco Industries
- Term loans raised to A+ from A at ICRA
- Cites healthy improvement in profitability
- Shree Vishnu Power
- LT bank facilities raised to BB from BB- at Crisil
- Cites stabilization of operations, generation of adequate cash accrual
- Sidds Jewels
- LT bank facilities raised to BBB from BBB- at Crisil
- Cites stabilization of operations and ramp-up in sales
Alert:
HALISTER1Source: BFW (Bloomberg First Word)
Tickers RAMCO IN (Ramco Industries Ltd)
UCO IN (UCO Bank)
MAXIS MK (Maxis Bhd)
9263985Z IN (Mirha Exports Pvt Ltd)
MORT LN (Mortice Ltd)
Topics BFW Asia Credit News
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