HALISTER1: INDIA RATINGS: Corporation Bank Cut; Orient Paper Raised

INDIA RATINGS: Corporation Bank Cut; Orient Paper Raised

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
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DOWNGRADES
  • Corporation Bank
    • Lower tier 2 bonds cut to AA- from AA at Care; perpetuals cut to A+ from AA-
    • Cites higher-than-expected deterioration in asset quality
  • TAG Offshore
    • Long-term bank facilities cut to A- from A at Care
    • Expects decline in cash accruals following downward revision in charter rates
UPGRADES
  • Orient Paper
    • LT bank facilities raised to A from A- at Care
    • Cites improvement in performance of paper division leading to an overall improvement in financial position of the co.
  • Stanley Lifestyles
    • LT loan facilities raised to BBB from BBB- at Crisil
    • Expects group to maintain improved business risk profile over the medium term due to healthy relationships with automobile manufacturers
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
CRPBK IN (Corp Bank)
OPI IN (Orient Paper & Industries Ltd)
0524579D IN (TAG Offshore Ltd)

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