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

• Kohinoor Paper
  • Long-term fund-based facility cut to B from BB at Brickwork
  • Cites delay in commencing commercial production, low revenues

• Rohini Textile
  • Fund-based facility cut to D from BB at Brickwork
  • Cites irregular servicing of debt obligations

UPGRADES

• DK Infrastructure
  • LT bank facilities raised to BBB- from BB+ at Crisil
  • Cites growth in revenue, better working capital management and steady order book
• Pudumjee Paper Products
  • LT bank facilities raised to A- from BBB+ at Crisil
  • Cites sustainable profitability, efficient working capital management

--DALE QUINN

(Bloomberg) -- The Bank of Japan’s purchases of govt bonds may halve to 40t yen ($359b) next year from the current target of 80t yen, according to Bank of America Merrill Lynch and Mizuho Securities.

• BOJ’s current bond purchase guidance targets an annual increase of around 80t yen in the central bank’s bond holdings
• The pace may decelerate to about 60t yen this year as 43t yen worth of BOJ’s holdings come due within a year, says Shuichi Ohsaki, chief Japan rates strategist at BofAML
  • Barring a substantial change in economic and financial conditions, buying will further fall to 40t yen in 2018
  • Should BOJ stick to the 80t yen guidance, 10-year yield could slide to -0.4% by the end of next year, compared with the current target of zero
• Mizuho senior bond strategist Noriatsu Tanji estimates BOJ buying may decrease to 40t yen levels next year and to 30t yen levels in 2020, citing rising redemptions
  • The expected slowdown will balance out with govt’s issuance of new-financing bonds, keeping the amount of bonds in the market stable
• NOTE: Bloomberg analysis shows BOJ’s buying may decrease to 66t yen. The central bank has already cut buying for almost all maturities in the past 12 months

--With assistance from Masaki Kondo. To contact the reporter on this story: Shigeki Nozawa in Tokyo at snozawa1@bloomberg.net To contact the editors responsible for this story: Hidekiyo Sakihama at ksakihama@bloomberg.net Patricia Lui

(Bloomberg) -- S&P affirms ratings of Atlantic Security Bank, Banco Latinoamericano de Comercio Exterior S.A, Global Bank Corporation y Subsidiarias and Multibank Inc. y Subsidiarias.

• Says sooner-than-expected improvements in Panama’s regulatory framework, in addition to the enhancements in norms aimed at preventing money laundering, will improve Panama’s institutional framework and ease the pressures on it
• Says expect economic growth prospects to remain sound, helping to maintain the domestic banking industry’s strong asset quality across sectors

Link to Statement:Link