HALISTER1: INDIA RATINGS: Bygging Cut; HDFC Credila, Murudeshwar Raised

INDIA RATINGS: Bygging Cut; HDFC Credila, Murudeshwar Raised

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
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DOWNGRADES
  • Bygging India
    • Fund-based limits rating cut to BB+ from BBB- at ICRA
    • Cites stretched liquidity profile
  • J.P. Engineers
    • Fund-based limits rating cut to BB+ from BBB- at ICRA
    • Cites increase in working capital intensity of the business
  • Welcome Distilleries
    • Fund-based limits cut to BB+ from BBB- at ICRA
    • Expects ban on production, sale and consumption of alcohol in Bihar state impacting revenues
UPGRADES
  • HDFC Credila Financial
    • NCDs raised to AAA from AA+ at Crisil
    • Cites change in HDFC Credila’s name to incorporate the HDFC brand. The shared name enhances the moral obligation of HDFC to support HDFC Credila
  • Jewel Star
    • Long-term bank facilities raised to BB+ from BB at Crisil
    • Cites significant improvement in operating performance
  • Murudeshwar Ceramics
    • LT bank facilities raised to BB- from B+ at Crisil
    • Cites increasing cash accrual
  • Rajdeep Buildcon
    • LT bank facilities raised to BBB+ from BBB at Crisil
    • Cites improvement in financial risk profile due to better working capital management

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
HDFC IN (Housing Development Finance Corp Ltd)
MCER IN (Murudeshwar Ceramics Ltd)
0990963D IN (Bygging India Ltd)
9155955Z IN (Rajdeep Buildcon Pvt Ltd)

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