HALISTER1: INDIA RATINGS: Bank of India, Corporation, IDBI, Oriental Cut

INDIA RATINGS: Bank of India, Corporation, IDBI, Oriental Cut

(Bloomberg) -- Here’s a roundup of debt rating changes of Indian cos. To get this story sent to your inbox in real-time, run NI INRATINGS , click on Display & Edit, then Set Alert Delivery. DOWNGRADES:
  • Amar Plastics
    • Long-term bank facilities cut to BB- from BB at Care
    • Cites deterioration in capital structure
  • Ario Infrastructure
    • LT bank facilities cut to BB from BB+ at Care
    • Cites decline in total operating income
  • Bank of India
    • Basel II perpetual, upper tier 2 bonds cut to AA- from AA+ at Care
    • Cites increased sensitiveness to bank’s capital adequacy ratio, profitability during the long tenure of the instruments
  • CMJ Breweries
    • LT loan facilities cut to D from BB- at Crisil
    • Cites delays in servicing term debt obligations
  • Corporation Bank
    • Basel III perpetual bonds cut to AA- from AA at Care
    • Cites increased sensitiveness to bank’s capital adequacy ratio, profitability during the long tenure of the instruments
  • IDBI Bank
    • Basel II lower tier 2 bonds cut to AA from AA+ at Care
    • Cites more than expected deterioration in asset quality
  • Oriental Bank of Commerce
    • Basel III tier 1 bonds cut to A+ from AA- at Care; tier 2 cut to AA from AA+
    • Cites increased sensitiveness to bank’s capital adequacy ratio
  • Shri Omtee Steel
    • LT loan facilities cut to D from B at Crisil
    • Cites delay in servicing term loan obligations
UPGRADES:
  • Jai Sakthi Mills
    • LT bank facilities revised to BB- from B+ at Care
    • Cites healthy growth in income
  • K.Kumar Raja Projects
    • LT loan facilities revised to BBB- from BB+ at Crisil
    • Cites increase in scale of operations
  • Sri Ram Cables
    • LT bank facilities revised to BB- from B at Care
    • Cites significant growth in scale of operations
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
IDBI IN (IDBI Bank Ltd)
CRPBK IN (Corp Bank)
BOI IN (Bank of India)
1033739D IN (K Kumar Raja Projects Pvt Ltd)
OBC IN (Oriental Bank of Commerce)

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