HALISTER1: INDIA RATINGS: Adlabs Cut to D; Bhagwati Power Raised

INDIA RATINGS: Adlabs Cut to D; Bhagwati Power Raised

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
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DOWNGRADES
  • Adlabs Entertainment
    • Term loan cut to D from BBB- at Care
    • Cites ongoing delays in servicing of interest on term loans
  • Infutec Healthcare
    • Long-term bank facilities cut to D from B+ at Care
    • Cites delays in servicing debt obligations due to deterioration in financial profile
  • Satra Buildcon
    • Term loan cut to BB(SO) from BBB-(SO) at Brickwork
    • Cites stretched liquidity position
UPGRADES
  • Bhagwati Power
    • LT bank facilities raised to BBB from BBB- at Crisil
    • Expects co. to maintain its improved business risk profile over the medium term
  • Clad Metal
    • LT bank facilities raised to BBB from BBB- at Crisil
    • Cites significant improvement in group’s revenue
  • Satya Surya Aluminium
    • LT bank facilities raised to B- from D at Crisil
    • Cites improvement in co.’s liquidity resulting in timely servicing of debt
  • Sri SCL Infatech
    • LT bank facilities raised to BB from B+ at Care
    • Cites improved operating profitability margins

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
ADLB IN (Adlabs Entertainment Ltd)
6591220Z IN (Bhagwati Power & Steel Ltd)
0996425D IN (Clad Metal India Pvt Ltd)

Topics
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