HALISTER1: INDIA RATINGS: ACT Cut; Mehta Tubes, Sundaram Multi Raised

INDIA RATINGS: ACT Cut; Mehta Tubes, Sundaram Multi Raised

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
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DOWNGRADES
  • ACT Infraport
    • Long-term bank facilities cut to BB+ from BBB- at Crisil
    • Expects operating profitability to remain low over the medium term
  • Khosla International
    • Working capital limits cut to D from B at ICRA
    • Cites over-utilization of cash credit limits
  • New Bharat Rice Mills
    • Working capital limits cut to D from B at ICRA
    • Cites over utilization of cash credit limits
UPGRADES
  • Ludhiana Steel Rolling
    • LT bank facilities raised to BB+ from BB- at Crisil
    • Cites increase in operating income, profitability due to higher sales
  • Maxop Engineering
    • LT bank facilities raised to BBB- from BB at Crisil
    • Cites better business risk profile due to diversification in industry, geographical and customer bases
  • Mehta Tubes
    • LT bank facilities raised to BBB- from BB+ at Crisil
    • Cites improvement in business and financial risk profile post completion of capex for new plant
  • Sundaram Multi Pap
    • LT bank facilities raised to B- from D at Crisil
    • Cites regularization of working capital limit, timely payment of debt obligation over the past four month period through April
  • Super Gold Suitings
    • LT bank facilities raised to BBB- from BB at Crisil
    • Expects sustained improvement in business risk profile due to ramp-up of denim plant

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
1033520D IN (ACT Infraport Ltd)
9770841Z IN (Maxop Engineering Co Pvt Ltd)
0332103D IN (Mehta Tubes Pvt Ltd)
SMUL IN (Sundaram Multi Pap Ltd)

Topics
Emerging Mkts News, Analysis

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