HALISTER1: INDIA RATINGS: Central Bank Cut; Filatex, Vital Health Raised

INDIA RATINGS: Central Bank Cut; Filatex, Vital Health Raised

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
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DOWNGRADES
  • Central Bank of India
    • Innovative perpetual debt instrument issued in 2012 cut to A from A+ at Brickwork
    • Cites continuation of losses, high gross non-performing asset
  • Oceanus Dwellings
    • NCD cut to B from BBB- at Brickwork
    • Cites decline in debt servicing capability
  • MBL Infrastructure
    • Term loan cut to D from BB+ at Brickwork
    • Account has been classified as a NPA by the lenders
  • Oriental Bank of Commerce
    • Innovative perpetual debt instrument issued in 2009, 2010 cut to A+ from AA- at Brickwork; upper tier 2 notes also downgraded to A+ from AA-
    • Cites large quantum of loss, increase in gross NPA
  • Suratgarh Bikaner Toll
    • Term loans cut to D from BB+ at Brickwork
    • Account has been classified as a non performing asset by the lenders
  • Swastik Coal
    • Long-term bank facilities cut to D from BB+ at Care
    • Cites delays in debt servicing due to acute liquidity stress
UPGRADES
  • Century Metal
    • Cash credit raised to A from A- at Brickwork
    • Cites significant improvement in profitability margins
  • Filatex India
    • LT bank facilities raised to BBB+ from BBB at Care
    • Cites improvement in profitability, capital structure and debt protection metrics
  • Gajanan Oil
    • LT bank facilities raised to BBB from BBB- at Crisil
    • Cites group’s ability to significantly scale up operations in the last three years due to capacity expansion and penetration in value chain
  • Sanvira Industries
    • LT bank facilities raised to BBB from BBB- at Care
    • Cites healthy profitability margins
  • Vital Health Care
    • LT bank facilities raised to BBB+ from BBB at Crisil
    • Cites improvement in business risk profile as the company obtained licenses to market products in new geographies

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
FLTX IN (Filatex India Ltd)
CBOI IN (Central Bank of India)
OBC IN (Oriental Bank of Commerce)
MBL IN (MBL Infrastructures Ltd)
1290234D IN (Oceanus Dwellings Pvt Ltd)

Topics
BFW Asia Credit News

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