HALISTER1: INDIA RATINGS: Bareilly Highways Cut to Default; Trent Raised

INDIA RATINGS: Bareilly Highways Cut to Default; Trent Raised

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
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DOWNGRADES
  • Bareilly Highways
    • Senior, subordinated debt cut to D from B+ at Care
    • Cites delays in debt servicing
  • Creative
    • Long-term loan facilities cut to D from C at Crisil
    • Cites stretched liquidity profile due to continuous losses
  • Kalyani Forge
    • LT loan facilities cut to BBB+ from A- at Crisil
    • Cites declining operating profitability, slower-than- expected ramp-up in operations post capex
UPGRADES
  • Asirvad Microfinance
    • NCDs, bank facilities raised to A from A- at ICRA
    • Cites improvement in risk profile of parent Manappuram Finance
  • Associated Power
    • LT bank facilities raised to BBB+ from BBB- at Care
    • Cites significant growth in scale of operations
  • GreenPark Hotels
    • LT bank facilities raised to A- from BBB+ at Care
    • Cites moderate growth in total operating income, improvement in profitability margins
  • Redstone Granito
    • LT bank facilities raised to BB+ from BB at Care
    • Cites improvement in profitability, capital structure
  • R.V. Rail
    • LT loan facilities raised to A- from BBB+ at Crisil
    • Expects business risk profile of Jekay group to improve over the medium term due to increased government spending on railway infrastructure
  • Shivalik Engineering
    • LT bank facilities raised to BBB-(SO) from BB+(SO) at Care
    • Cites credit enhancement in the form of corporate guarantee by Shivalik Power
  • Trent
    • LT bank facilities raised to AA+ from AA at Care; NCDs also revised to AA+ from AA
    • Cites continued improvement in operational, financial performance
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
TRENT IN (Trent Ltd)
KF IN (Kalyani Forge Ltd)
9264133Z IN (Associated Power Structures Pvt Ltd)
0810611D IN (Bareilly Highways Project Ltd)
MGFL IN (Manappuram Finance Ltd)

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