HALISTER1: INDIA RATINGS: Bank of Baroda, UCO Cut; IndoSpace Raised

INDIA RATINGS: Bank of Baroda, UCO Cut; IndoSpace Raised

(Bloomberg) -- Here’s a roundup of debt-rating changes of Indian cos. To get this story sent to your inbox real-time, run NI INRATINGS , click on Display & Edit, then Set Alert Delivery. DOWNGRADES
  • Bank of Baroda
    • Basel II Upper Tier 2 and perpetual bonds cut to AA+ from AAA at Care; Basel III Tier 1 perps cut to AA from AA+
    • Cites “more than expected” deterioration in asset quality, profitability of bank, following asset-quality review by RBI
  • Hind Rectifiers
    • Fund and non-fund based limits cut to BB+ from BBB- at ICRA
    • Cites co’s weakening financial risk profile
  • UCO Bank
    • Planned AT1 Basel III bonds cut to A from A+ at Care
    • Cites “more than expected” deterioration in asset quality, profitability of bank following asset quality review by RBI
UPGRADES
  • IndoSpace SKCL Industrial Park
    • LT rating raised to A- from BBB+ at Crisil
    • Cites improvement in credit-risk profile, driven by leasing of additional space and controlled reliance on external debt
  • Parasakti Cement
    • Fund-based and term loan facilities raised to BBB from BBB- at ICRA
    • Cites improvement in co’s credit profile, driven by increase in cement realization over the past yr
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
BOB IN (Bank of Baroda)
UCO IN (UCO Bank)
DILL IN (DIL Ltd)
0778802D IN (Grow Well Mercantile Ltd)
0989969D IN (SAI Point Cars Pvt Ltd)

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