Halister News

(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:

• Corporation Bank
  • Lower tier 2 bonds cut to AA from AA+ at ICRA
  • Cites decline in asset quality

• JMT Auto
  • Term loans cut to BB+ from BBB- at ICRA
  • Cites significant decline in turnover, profits during first 9 mos. of FY16

• Kirloskar Brothers
  • Long-term loan facilities cut to AA- from AA at Crisil
  • Cites weaker-than-expected operating performance with decline in profitability in product segment and international business

• Nandan Buildcon
  • LT bank facilities cut to B+ from BB- at Care Ratings
  • Cites slower-than-envisaged construction of commercial project

• Sitaram Maharaj Sakhar Karkhana
  • LT bank facilities cut to D from B at Care Ratings
  • Cites ongoing delays in debt servicing

UPGRADES:

• New Asian Construction
  • Non fund based limits revised to C+ from D at ICRA
  • Cites regularization of debt servicing obligations

• Pinnacle Industries
  • LT bank facilities cut to BBB from BBB- at Care Ratings
  • Cites growth in scale of operations in FY15 and 8 mos. of FY16

• Radico NV Distilleries Maharashtra
  • LT bank facilities revised to A from BBB at Care Ratings
  • Cites strengthening of net-worth and liquidity profile post receipt of capital subsidy from Maharashtra govt