HALISTER1: INDIA RATINGS: Arvind Lifestyle, Muthoot Finance Raised

INDIA RATINGS: Arvind Lifestyle, Muthoot Finance Raised

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
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DOWNGRADES
  • Staunch Natural
    • Long-term loan facilities cut to B+ from BB at Crisil
    • Cites low interest coverage ratio due to large debt
UPGRADES
  • Arvind Lifestyle Brands
    • LT bank facilities raised to AA- (SO) from A+ (SO) at Care, NCDs also revised to AA- (SO) from A+ (SO)
    • LT bank facilities of Arvind Envisol also revised to AA- (SO) from A+ (SO) at Care
    • Cites credit enhancement via corporate guarantee of Arvind
  • Maxop Engineering
    • LT loan facilities raised to BB from BB- at Crisil
    • Cites improvement in business risk and comfortable financial risk profile
  • Muthoot Finance
    • NCDs raised to AA from AA- at ICRA
    • Cites co.’s initiatives to improve credit risk profile by tightening interest collections
  • Rex Polyextrusion
    • LT bank facilities raised to BBB from BBB- at Care
    • Cites growing scale of operations, improvement in profitability
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
ARVND IN (Arvind Ltd)
MUTH IN (Muthoot Finance Ltd)
9770841Z IN (Maxop Engineering Co Pvt Ltd)

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