HALISTER1: INDIA RATINGS: BTM Cut; 20 Microns, Gujarat Narmada Raised

INDIA RATINGS: BTM Cut; 20 Microns, Gujarat Narmada Raised

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
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DOWNGRADES
  • BTM Industries
    • Long-term bank facilities cut to BB- from BBB- at Care
    • Cites over-utilization in cash credit account
  • Premier Alcobev
    • LT bank facilities cut to D from B+ at Crisil
    • Cites delay in servicing of term loans
  • Sai Regency Power
    • NCDs cut to BB- from BB+ at Brickwork
    • Cites weakened operational performance
UPGRADES
  • 20 Microns
    • LT bank facilities raised to BB+ from BB at Crisil
    • Cites sequential decline in indebtedness due to repayment of term loans
  • Aria Hotels
    • LT bank facilities raised to BBB- from BB at Care
    • Cites improved operating, financial performance
  • Caddie Hotels
    • LT bank facilities raised to BBB from BBB- at Care
    • Cites increase in operating income
  • Emami Agrotech
    • LT bank facilities raised to A- from BBB+ at Care
    • Cites consistent growth in scale of operations, profitability
  • Gujarat Narmada Valley
    • Term loans raised to AA from AA- at ICRA
    • Cites healthy performance of chemical division
  • Honer Developers
    • Cash credit raised to BB from BB- at ICRA
    • Cites healthy bookings
  • RSB Cottex
    • Fund-based facility raised to BB+ from BB at Brickwork
    • Cites growth in revenue

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
20ML IN (20 Microns Ltd)
AHWL IN (Asian Hotels West Ltd)
HMN IN (Emami Ltd)
GNFC IN (Gujarat Narmada Valley Fertilizers & Chemicals Ltd)
KSK LN (KSK Power Ventur PLC)

Topics
First Word Credit Asia

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