HALISTER1: INDIA RATINGS: Ashok Alco, EMCO Cut; Ricasil Ceramic Raised

INDIA RATINGS: Ashok Alco, EMCO Cut; Ricasil Ceramic Raised

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
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DOWNGRADES
  • Ashok Alco-Chem
    • Long-term fund-based limits cut to BB+ from BBB- at ICRA
    • Cites weakened operating performance due to significant decline in operating income, profitability
  • EMCO
    • LT fund-based bank facilities cut to D from B at Care
    • Cites ongoing delays in debt servicing due to weakening of liquidity profile
  • Nijanand Pipes
    • Fund-based limits cut to C from B- at ICRA
    • Cites decline in operating income
UPGRADES
  • Ricasil Ceramic
    • Cash credit limits raised to BBB- from BB+ at ICRA
    • Cites healthy ramp up of revenues after successful commissioning of new plant
  • Stic-On Papers
    • LT fund-based limits raised to BB- from B+ at ICRA
    • Cites increase in order book size

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
EMCO IN (Emco Ltd)
AAC IN (Ashok Alco Chem Ltd)

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