HALISTER1: INDIA RATINGS: Bhilai, Shri Krishna Cut; Maithan Ispat Raised

INDIA RATINGS: Bhilai, Shri Krishna Cut; Maithan Ispat Raised

(Bloomberg) -- Here’s a roundup of debt-rating changes of Indian cos. To get this story sent to your inbox real-time, run NI INRATINGS , click on Display & Edit, then Set Alert Delivery. DOWNGRADES
  • Bhilai Engineering Corp
    • Long term rating cut to D from BB+ at Crisil
    • Cites devolvement of letters of credit due to delay in release of fertilizer subsidies, stretch in working capital cycle
  • Shri Krishna Paper Mills & Industries
    • Long term rating cut to D from C+ at ICRA
    • Cites delay in debt servicing because of continued liquidity issues faced by co.
  • West Quay Multiport
    • Long-term bank facilities cut to D from B at CARE
    • Cites delay in servicing debt obligations due to weak liquidity position
UPGRADES
  • Maithan Ispat
    • Long-term bank facilities raised to BBB- from D at CARE
    • Cites credit enhancement from ‘unconditional’ and ‘irrevocable’ guarantee of Mideast Integrated Steels
  • Stonemen Crafts India
    • Long term rating raised to BB+ from BB at ICRA
    • Cites ‘healthy’ growth in scale, modest working capital cycle
  • Vallabh Market
    • Long-term bank facilities raised to B- from C+ at ICRA
    • Cites record of regular repayments of debt obligations
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
BEC IN (Bhilai Engineering Corp Ltd)
BRCM IN (Balrampur Chini Mills Ltd)
0896996D IN (Broadcast Engineering Consultants India Ltd)
GRMO IN (GRM Overseas Ltd)
0489204D IN (Jaina Mobile India Pvt Ltd)

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