HALISTER1: INDIA RATINGS: Adani Green, National Engineering, Ostro Raised

INDIA RATINGS: Adani Green, National Engineering, Ostro Raised

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
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UPGRADES
  • Adani Green Energy
    • Long-term bank facilities raised to BBB+(SO) from BBB at Care
    • Cites moderate track record of operations of power generation by its wind mill at Lahori in state of Madhya Pradesh
  • Arvind PD
    • LT bank facilities raised to BBB+ from BBB at Care
    • Cites growth in scale of operations, improved profitability
  • Hanumant Construction
    • LT bank facilities raised to B- from C at Crisil
    • Cites timely servicing of term debt obligations
  • Kalamandir Jewellers
    • LT bank facilities raised to BBB from BBB- at Crisil
    • Expects co. to sustain its improved profitability and capital structure over the medium term
  • National Engineering
    • LT bank facilities raised to AA from AA- at Care
    • Cites improvement in overall financial risk profile
  • Navayuga Bengalooru Tollway
    • LT bank facilities raised to A-(SO) from BBB+(SO) at Care
    • Cites robust, diversified order book position
  • Ostro Jaisalmer
    • Term loan raised to BBB+ from BBB at Care
    • Cites project’s satisfactory operational track record
  • T. C. Motors
    • LT bank facilities raised to BB from BB- at Crisil
    • Cites increase in revenue, margins
DOWNGRADE
  • Shirpur Power
    • Rupee term loan cut to D from BB+ at India Ratings
    • Cites defaults on debt obligation

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
ADE IN (Adani Enterprises Ltd)
1489014D IN (Ostro Jaisalmer Pvt Ltd)
0616681D IN (Shirpur Power Pvt Ltd)

Topics
First Word Credit Asia
India Macro News

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