HALISTER1: INDIA RATINGS: Avon Tubetech Cut; Nova Agri, Powerlinks Raised

INDIA RATINGS: Avon Tubetech Cut; Nova Agri, Powerlinks Raised

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
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DOWNGRADES
  • Avon Tubetech
    • Long-term bank facilities cut to D from BB+ at Crisil
    • Cites delays in servicing debt obligations
  • Eastern Gases
    • Cash credit cut to D from BBB- at ICRA
    • Cites delays in debt servicing on banking obligations
  • Sai Shipping
    • LT bank facilities cut to B+ from BB at Crisil
    • Cites muted profitability
  • Vishal Cars
    • LT bank facilities cut to B- from B at Crisil
    • Cites lower than expected net cash accrual
UPGRADES
  • Empowertrans
    • LT bank facilities raised to BB from BB- at Crisil
    • Cites sustained improvement in financial risk profile
  • LH Sugar Factories
    • Term loans raised to A- from BBB+ at ICRA
    • Cites significant improvement in operational, financial performance
  • Nova Agri Tech
    • LT bank facilities raised to BB- from B+ at Crisil
    • Cites healthy growth in revenues
  • Powerlinks Transmission
    • LT bank facilities, NCDs raised to AAA from AA+ at Crisil
    • Expects liquidity to remain strong over the medium term due to absence of extra-ordinary dividends and large capex

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
0671382D IN (Empowertrans Pvt Ltd)
0880122D IN (LH Sugar Factories Ltd)
TPWR IN (Tata Power Co Ltd/The)

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