HALISTER1: INDIA RATINGS: Automag, Wadhwagroup Downgraded; JBM Auto Raised

INDIA RATINGS: Automag, Wadhwagroup Downgraded; JBM Auto Raised

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
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DOWNGRADES
  • Automag India
    • Long-term bank facilities cut to BB+ from BBB- at Crisil
    • Cites degrowth in revenues
  • Indian Peroxide
    • LT bank facilities cut to B from B+ at Crisil
    • Cites delay in commencing operations
  • Spectra Motors
    • LT bank facilities cut to D from B+ at Crisil
    • Cites weak liquidity
  • Sri Anjaneya Agrotech
    • LT bank facilities cut to D from B at Care
    • Cites delays in debt servicing
  • Sundaram Multi Pap
    • LT bank facilities cut to D from B- at Crisil
    • Cites continuous over utilization in working capital limits
  • Wadhwagroup Holdings
    • Term loan cut to BBB from BBB+ at India Ratings
    • Cites weaker sales and collections amid high repayments
UPGRADES
  • Delhi MSW Solutions, Hyderabad Integrated MSW
    • LT bank facilities raised to BBB+(SO) from BBB-(SO) at Care
    • Cites credit enhancement in form of unconditional, irrevocable corporate guarantee by Ramky Enviro
  • JBM Auto
    • LT bank facilities raised to A- from BBB+ at Crisil
    • Cites healthy revenue growth

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
JBMA IN (JBM Auto Ltd)
SMUL IN (Sundaram Multi Pap Ltd)
3628830Z IN (Automag India Pvt Ltd)
9167347Z IN (SRI Anjaneya Agro-Tech Pvt Ltd)
6595276Z IN (Spectra Motors Ltd)

Topics
First Word Credit Asia
India Macro News

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