HALISTER1: INDIA RATINGS: Allahabad Bank Cut; Emkay Global Raised

INDIA RATINGS: Allahabad Bank Cut; Emkay Global Raised

(Bloomberg) -- A roundup of debt rating changes of Indian cos. To get this story sent to your inbox in real-time, run NI INRATINGS , click on Display & Edit, then Set Alert Delivery. DOWNGRADES:
  • Allahabad Bank
    • Basel III Tier 2 bonds cut to AA from AA+ at Crisil
    • Cites higher-than-expected deterioration in asset quality and profitability during the first 9 mos. of FY16
  • BSR Diagnostic
    • Long-term bank facilities cut to D from BBB-(SO) at Care Ratings
    • Cites delays in servicing of debt obligation
  • Crystal Crop Protection
    • LT loan facilities cut to A- from A at Crisil
    • Cites significant decline in group’s operating margin
  • D C Metals
    • Fund based limits cut to D at ICRA
    • Cites delays in debt servicing due to stretched liquidity position
  • Earth Stahl
    • LT bank facilities cut to D from BB- at Care Ratings
    • Cites delays in debt servicing, classification of co’s account as NPA by Bank of India
  • Epitome Petrochemical
    • LT loan facilities cut to D from C at Crisil
    • Cites consistent delays in servicing debt
  • Jagatjit Industries
    • Fund based limits cut to B+ from BB at ICRA
    • Cites deterioration in financial profile due to cash losses
  • Kineta Global
    • LT loan facilities cut to D from B+ at Crisil
    • Cites instances of delay by the group in servicing debt
  • Mittal Pigments
    • LT loan facilities cut to B+ from BB+ at Crisil
    • Expects deterioration in group’s business risk profile due to steady decline in revenue
  • Ongole Arogya Hospitals
    • LT bank facilities cut to D from BB at Care Ratings
    • Cites delays in servicing of debt obligations
UPGRADES:
  • Bagmane Developers
    • Term loans raised to A from A- at ICRA
    • Cites continued growth and diversification in lease income portfolio
  • Creamline Dairy Products
    • LT loan facilities revised to A from BBB+ at Crisil
    • Expects strong operational, managerial, financial support from Godrej Agrovet
  • Emkay Global Financial
    • Short-term bank lines raised to A2+ from A2 at ICRA
    • Cites improvement in operational performance in FY15 and 9 mos. of FY16
  • Indo Schottle Auto Parts
    • LT loans raised to A from A- at ICRA
    • Cites steady improvement in capital structure
  • RDA Energy
    • LT bank facilities revised to BBB+ from BBB- at Crisil
    • Cites successful commencement of project as per the timeline
  • Rim Jhim Ispat
    • LT loan facilities revised to B from D at Crisil
    • Cites timely debt servicing over the past 90 days
  • Tarsons Products
    • LT bank facilities revised to BBB+ from BBB at Care Ratings
    • Cites consistent increase in scale of operation
  • Welspun Captive Power
    • LT bank facilities raised to AA-(SO) from BBB+ at Care Ratings
    • Revises considering corporate guarantee extended by Welspun India
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
EMKAY IN (Emkay Global Financial Services Ltd)
ALBK IN (Allahabad Bank)
0077937D IN (Crystal Crop Protection Pvt Ltd)
1018905D IN (Creamline Dairy Products Ltd)
614928Z IN (Indo Schottle Auto Parts Pvt Ltd)

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