HALISTER1: INDIA RATINGS: Bank of Maharashtra Cut; Bandhan Bank Raised

INDIA RATINGS: Bank of Maharashtra Cut; Bandhan Bank Raised

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
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DOWNGRADES
  • Bank of Maharashtra
    • Basel III AT1 perps cut to A from A+ at CARE
    • Cites deterioration in financial risk profile and asset quality
  • Haryana Seeds Development Corp
    • Fund-based limits cut to BBB- from BB+ at ICRA
    • Cites deterioration in company’s financial performance due to delays in receiving subsidies, unfavorable realizations set by govt of Haryana for certified wheat seeds and adverse change in sales policy for the ongoing season
UPGRADES
  • Bandhan Bank
    • Long-term bank facilities raised to AA- from A+ in CARE
    • Cites raising of low-cost deposits during the seven- month operational period in FY16
  • Peekay Steel Castings
    • Long-term rating raised to BBB+ from BBB at Crisil
    • Cites improvement in group’s business risk profile over medium-term
  • Pioneer Polyleathers
    • Long-term rating raised to A+ from A at ICRA
    • Cites improved operational, financial performance
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
BOMH IN (Bank of Maharashtra)

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