HALISTER1: INDIA RATINGS: Bajaj Hindusthan, GSPC Cut; HDFC Credila Raised

INDIA RATINGS: Bajaj Hindusthan, GSPC Cut; HDFC Credila Raised

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
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DOWNGRADES
  • Bajaj Hindusthan Sugar
    • Long-term bank facilities cut to D from BB+ at Care
    • Cites delay in repayment of debt obligations
  • Gujarat State Petroleum
    • LT bank facilities, NCDs cut to BBB+ from A+ at Care; subordinated NCDs downgraded to BBB from A
    • Cites huge loss incurred by the company as per provisional financial accounts for last financial year resulting in significant erosion of net worth and deterioration in capital structure
  • Indus Projects
    • Fund- based facilities cut to D from BB at India Ratings
    • Cites delays in debt servicing
UPGRADES
  • Anjani Tiles
    • LT bank facilities raised to BBB from BBB- at Care
    • Cites successful completion of first full year of operations resulting in satisfactory financial performance
  • Arora Iron
    • LT bank facilities raised to BBB- from BB+ at Crisil
    • Expects improvement in business risk profile over the medium term
  • Atlanta Electricals
    • LT bank facilities raised to BBB- from BB+ at Crisil
    • Cites ramp up in operations due to strong order book
  • Bemco Hydraulics
    • LT bank facilities raised to B from B- at Crisil
    • Cites increase in scale of operations
  • I G Petrochemicals
    • Term loan raised to A+ from A at India Ratings
    • Cites improved operating profitability, credit metrics
  • HDFC Credila Financial
    • NCDs, subordinate debt raised to AAA from AA+ at Care, perpetual upgraded to AA+ from AA
    • Cites renaming the company as HDFC Credila, with the inclusion of HDFC brand in the name, it provides additional comfort
  • Hinduja Housing Finance
    • LT bank facilities raised to AA- from A+ at Care
    • Cites improvement in credit profile of parent Hinduja Leyland Finance
  • KEC Bikaner Sikar
    • Rupee term loan raised to BBB from BBB- at India Ratings
    • Cites project progress ahead of schedule
  • Mahakali Foods
    • LT bank facilities raised to BBB- from BB+ at Crisil
    • Cites significant, sustainable improvement in profitability
  • Muthoot Fincorp
    • Perpetual debt raised to A from A- at Brickwork
    • Cites strong branch network in rural and semi urban areas, growth in gold loan portfolio
  • Precot Meridian
    • LT bank facilities raised to BBB- from BB+ at Care
    • Cites improvement in liquidity position with sale of assets and investments
  • Tatva Chintan Pharma
    • LT bank facilities raised to BBB from BBB- at Crisil
    • Cites incremental capacities, better product-mix

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
BJH IN (Bajaj Hindusthan Sugar Ltd)
HDFC IN (Housing Development Finance Corp Ltd)
GSPC IN (Gujarat State Petroleum Corp Ltd)
0990686D IN (Arora Iron & Steel Rolling Mills Pvt Ltd)
0997383D IN (Atlanta Electricals Pvt Ltd)

Topics
First Word Credit Asia

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