HALISTER1: INDIA RATINGS: Bharat Gears, Dredging Cut; Prince Pipes Raised

INDIA RATINGS: Bharat Gears, Dredging Cut; Prince Pipes Raised

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
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DOWNGRADES
  • Bharat Gears
    • Long-term bank facilities cut to BBB- from BBB at Crisil
    • Cites pressure on profitability margins
  • Dredging Corp.
    • Tax-free NCDs cut to AA- from AA at Care
    • Cites subdued revenue, operating profit
  • Gama Infraprop
    • LT bank facilities cut to D from BB- at Crisil
    • Cites delay in servicing installment on term loan and interest
  • Yasin Impex
    • LT bank facilities cut to B+ from BB- at Crisil
    • Expects weaker operating performance over medium-term
UPGRADES
  • Polynova Industries
    • LT fund-based facilities raised to BBB+ from BBB at ICRA
    • Cites improvement in profitability
  • Prince Pipes
    • LT bank facilities raised to BBB+ from BBB at Care
    • Cites growth in scale of operations, improved profitability
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
BG IN (Bharat Gears Ltd)
DCIL IN (Dredging Corp of India Ltd)
8159670Z IN (Polynova Industries Ltd)
1459707D IN (Prince Pipes & Fittings Pvt Ltd)

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