INDIA RATINGS: Britex Cotton, Global Infonet Cut; Qubix Raised
Source: BFW (Bloomberg First Word)
Tickers
BX US (Blackstone Group LP/The)
9843614Z IN (Britex Cotton International Ltd)
0565943D IN (Global Infonet Distribution Pvt Ltd)
7564300Z IN (Mentha & Allied Products Ltd)
0811363D IN (Raebareilly Allahabad Highway Pvt Ltd)
To de-activate this alert, click here
UUID: 7947283
(Bloomberg) -- A roundup of debt rating changes of Indian cos. To get this story sent to your inbox in real-time, run NI INRATINGS , click on Display & Edit, then Set Alert Delivery.
DOWNGRADES:
Alert: HALISTER1- Britex Cotton International
- Long-term loan facilities cut to D from BB at Crisil
- Cites instances of co’s cash credit account being overdrawn for more than 30 days
- Gujarat Hy-Spin
- LT bank facilities cut to BB- from B+ at Care Ratings
- Cites improvement in capital structure and debt coverage indicators
- Global Infonet Distribution
- LT loan facilities cut to BBB from BBB+ at Crisil
- Cites reduced turnover from Samsung business and subsequent pressure on profitability
- Mentha and Allied Products
- LT loan facilities cut to BB+ from BBB- at Crisil
- Expects group’s business profiles to remain constrained due to weak scenario in the mentha industry
- M.P. Associates
- LT loan facilities cut to D from B+ at Crisil
- Cites delays in servicing term loans because of weak liquidity
- Raebareilly Allahabad Highway
- Senior debt cut to D from BB at Care Ratings
- Cites delays in servicing interest during construction due to delays in fund infusion by promoters
- Technofab Engineering
- LT loan facilities cut to BBB+ from A- at Crisil
- Cites decline in operating margin, stretch in liquidity due to large working capital requirement
- Qubix Business Park
- LT loan facilities revised to A- from BBB+ at Crisil
- Expects debt protection metrics to strengthen over the medium term
- SRG Housing Finance
- LT bank facilities raised to BB+ from BB at Care Ratings
- Cites growth in scale of operations in FY15
- Vedic Resorts
- LT bank facilities revised to BB+ from BB at Care Ratings
- Cites timely completion of project, growth in total operating income
Source: BFW (Bloomberg First Word)
Tickers
BX US (Blackstone Group LP/The)
9843614Z IN (Britex Cotton International Ltd)
0565943D IN (Global Infonet Distribution Pvt Ltd)
7564300Z IN (Mentha & Allied Products Ltd)
0811363D IN (Raebareilly Allahabad Highway Pvt Ltd)
To de-activate this alert, click here
UUID: 7947283