HALISTER1: INDIA RATINGS: Anil, Oriental Bank Cut; KSE Electricals Raised

INDIA RATINGS: Anil, Oriental Bank Cut; KSE Electricals 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:
  • Anil
    • Long-term bank facilities cut to BBB from BBB+ at Care Ratings
    • Cites continuous elongation of operating cycle, increasing debt level
  • Oriental Bank of Commerce
    • Basel III tier 2 bonds cut to AA from AA+ at ICRA; additional tier 1 also cut to A+ from AA-
    • Cites higher than anticipated stress, slower than expected pace of recovery
  • Plastene India
    • LT bank facilities cut to BB from BBB- at Care Ratings
    • Cites tightening of liquidity profile due to increased working capital intensity of operations
  • Vimal Chhaganlal Jewellers
    • LT loan facilities cut to D from B at Crisil
    • Cites delays in meeting interest obligation
UPGRADES:
  • Biological E
    • LT bank facilities revised to AA from A+ at Care Ratings
    • Cites growth in total operating income, profitability margins
  • Dugar Polymers
    • Fund based limits revised to BB- from B+ at ICRA
    • Cites steady increase in revenues
  • KSE Electricals
    • LT bank facilities raised to BBB+ from BBB at Care Ratings
    • Cites improved mkt positioning
  • Phoenix Projects
    • LT bank facilities revised to BBB- from BB+ at Care Ratings
    • Cites significant growth in scale of operations
  • S.J. Green Park Energy
    • LT loan facilities revised to BBB from BBB- at Crisil
    • Expects operating performance to improve on a sustained basis over medium term backed by healthy plant load factor
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
ANPR IN (Anil Ltd)
OBC IN (Oriental Bank of Commerce)
9264101Z IN (KSE Electricals Pvt Ltd)
PLIL IN (Plastene India Ltd)

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