HALISTER1: INDIA RATINGS: BMM Ispat, Digjam Cut; Xander Finance Raised

INDIA RATINGS: BMM Ispat, Digjam Cut; Xander Finance Raised

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
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DOWNGRADES
  • BMM Ispat
    • Long-term bank facilities cut to D from B+ at Care
    • Cites delays in debt servicing
  • B.P. Food
    • Fund-based limits cut to BB from BBB- at ICRA
    • Cites weak operating performance
  • Digjam
    • LT bank facilities cut to D from B+ at Care
    • Cites delays in debt servicing due to stressed liquidity
  • NSL Sugars
    • Fund-based facility cut to BB- from BB+ at Brickwork
    • Cites stretched liquidity position
  • Raigarh Champa Rail
    • Term loans cut to D from C at ICRA
    • Cites delays in servicing of debt obligations
  • Sai Regency Power
    • Term loans cut to D from BB at ICRA
    • Cites delays in servicing of debt obligations
UPGRADES
  • Gayatri Jhansi Roadways, Gayatri Lalitpur Roadways
    • LT bank facilities raised to A from A- at Care
    • Cites successful completion of first major maintenance, improvement in credit profile of principal sponsor
  • Novelty Associates
    • Fund-based bank facilities raised to BB- from B+ at India Ratings
    • Cites improvement in revenue, operating profit and interest coverage
  • Xander Finance
    • LT borrowing programme raised to A+ from A at ICRA
    • Cites healthy performance with a scaling up of loan book, consistent profitability metrics

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
DGJM IN (Digjam Ltd)
8118106Z IN (BMM Ispat Ltd)
GAYP IN (Gayatri Projects Ltd)
KSK LN (KSK Power Ventur PLC)
NSL IN (NSL Ltd/India)

Topics
First Word Credit Asia

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