INDIA RATINGS: Reliance Big TV Cut to D; Fiat India Raised
(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
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DOWNGRADES
- Reliance Big TV
- Long-term, short-term bank facilities cut to D from BB(SO) at Care
- ST bank facilities of Reliance Communications Infrastructure also cut to D from A4(SO) at Care
- Cites significant stress in financial position of the group given the weakening of cash flows of Reliance Communications
UPGRADES
- Eram Motors
- LT bank facilities raised to B+ from B at Crisil
- Cites improvement in liquidity due to steady revenue growth
- Fiat India Automobiles
- LT bank facilities raised to A from A- at Crisil
- Expects business risk profile to improve over the medium term with commencement of manufacturing of Jeep Compass in June 2017
- Lotus Farms
- LT bank facilities raised to BB from B at Crisil
- Expects company to continue improvement in its business risk profile over the medium term
- Popular Mega Motors
- LT bank facilities raised to BBB- from BB+ at Crisil
- Cites sustained improvement in financial risk profile
- Sudarshan Chemical
- Non fund- based, fund-based working capital limits raised to A1+ from A1 at India Ratings
- Cites improvement in working capital cycle
- Tirupati Medicare
- LT bank facilities raised to BBB from BBB- at Crisil
- Expects increase in operating income, sustained operating profitability
- Vidya Wires
- LT bank facilities raised to BBB from BBB- at Crisil
- Cites improvement in capital structure, debt protection metrics
Alert:
HALISTER1Source: BFW (Bloomberg First Word)
Tickers RCOM IN (Reliance Communications Ltd)
0208679D IN (Fiat India Automobiles Ltd)
6598948Z IN (Popular Mega Motors India Pvt Ltd)
SCHI IN (Sudarshan Chemical Industries)
1009710D IN (Tirupati Medicare Ltd)
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