HALISTER1: INDIA RATINGS: Ashish Infracon Cut; PNC Raebareli Raised

INDIA RATINGS: Ashish Infracon Cut; PNC Raebareli Raised

(Bloomberg) -- Here’s a roundup of debt-rating changes of Indian cos.
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DOWNGRADES
  • Ashish Infracon
    • Long-term loan facilities cut to BB+ from BBB- at Crisil
    • Expects business, financial risk profiles to remain under pressure due to working capital intensity in operations
  • R.L. Khanna
    • LT loan facilities cut to BB- from BB+ at Crisil
    • Cites significant inventory, fixed asset losses
  • Saalim Shoes
    • LT loan facilities cut to D from BB at Crisil
    • Cites instances of delay in servicing term debt
  • Vaibhavlaxmi Clean
    • Term loan cut to BB- from BB at Care
    • Cites weak operating performance
UPGRADES
  • Gopal Snacks
    • LT loan facilities raised to BBB+ from BBB at Crisil
    • Expects sustained improvement in business, financial risk profiles
  • PNC Raebareli Highways
    • Senior debt raised to A- from BBB at Care
    • Cites receipt of commercial operation date certificate >3 mos. ahead of scheduled date
  • Ramkrishna Agencies
    • LT loan facilities raised to BB+ from BB at Crisil
    • Cites increase in scale of operations
  • VBHC Mumbai Value Homes
    • Term loan raised to BBB from BBB- at ICRA
    • Cites periodic fund infusions by VBHC
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
0197962D IN (RL Khanna & Co)
0655475D IN (Saalim Shoes Pvt Ltd)

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