HALISTER1: INDIA RATINGS: Bhavnagar Energy, JMT Auto Cut; Belstar Raised

INDIA RATINGS: Bhavnagar Energy, JMT Auto Cut; Belstar Raised

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
  • To get this story sent to your inbox real-time, run NI INRATINGS , click on Display & Edit, then Set Alert Delivery
DOWNGRADES
  • Bhavnagar Energy
    • Long-term bank facilities cut to BBB- from BBB+ at Care
    • Cites delay in project execution
  • Canter Engineers
    • LT loan facilities cut to BB+ from BBB- at Crisil
    • Cites weakening liquidity
  • JBF Industries
    • LT bank facilities cut to BBB+ from A- at Care
    • Cites decline in operating margins
  • JMT Auto
    • LT loan facilities cut to BB from BB+ at Crisil
    • Cites deterioration in financial risk profile post acquisition of REGE Holding GmbH and Amtek Components Sweden
UPGRADES
  • Belstar Investment
    • LT bank facilities raised to A from BBB- at Care
    • Cites change in parentage wherein Muthoot Finance has acquired major stake
  • Topsun Energy
    • LT bank facilities raised to BBB- from BB+ at Care
    • Cites significant improvement in liquidity profile
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
JMT IN (JMT Auto Ltd)
JBF IN (JBF Industries Ltd)
3624918Z IN (Belstar Investment and Finance Pvt Ltd)
1435211D IN (Bhavnagar Energy Co Ltd)
1247357D IN (Topsun Energy Ltd)

To de-activate this alert, click here

UUID: 7947283