HALISTER1: INDIA RATINGS: Corporation Bank, Vodafone Mobile, Union Bank Cut

INDIA RATINGS: Corporation Bank, Vodafone Mobile, Union Bank Cut

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
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DOWNGRADES
  • Corporation Bank
    • Basel III Tier 1 bonds cut to A- from A at Crisil; Basel II perpetual, upper tier 2 notes reduced to A+ from AA-
    • Expects asset quality stress to remain elevated over next few quarters
  • GLM Infratech
    • Term loan cut to D from BB+ at Brickwork
    • Cites weak liquidity position of the company, thereby impacting ability to timely service debt obligations
  • Kkalpana Industries
    • Long-term bank facilities cut to BBB+ from A- at Care
    • Cites decline in profitability
  • KK Milk Fresh
    • Fund-based facility cut to BB- from BBB- at Brickwork
    • Cites irregularities in servicing debt obligations
  • Konark Structural
    • LT bank facilities cut to BB- from BB+ at Crisil
    • Cites decline in revenue
  • Lanco Devihalli Highways
    • Fund-based facility cut to D from B- at Brickwork
    • Cites weak liquidity position of the company, thereby impacting ability to timely service debt obligations
  • Lanco Hoskote Highway
    • Fund-based facility cut to C from C+ at Brickwork
    • Cites poor liquidity position, weak financial performance
  • LEDVANCE
    • LT bank facilities cut to A from A+ at Crisil
    • Cites weak credit risk profile of parent LEDVANCE GmbH
  • Supreme India
    • Fund-based facilities cut to BB+ from BBB- at Brickwork
    • Cites decline in revenues, profitability
  • Union Bank of India
    • Basel III Tier 2 cut to AA+ from AAA at Crisil; Basel II perpetual, upper tier 2 also reduced to AA+ from AAA
    • Expects asset quality to remain under pressure in near term
  • Vijaya Aero
    • LT bank facilities cut to D from B at Crisil
    • Cites delays in debt servicing
  • Vodafone Mobile
    • NCDs cut to AA+ from AAA at India Ratings
    • Cites re-assessment of linkages with Vodafone Group
  • K. R. Construction
    • LT bank facilities cut to BB- from BB+ at Crisil
    • Cites decline in revenue
UPGRADES
  • Call Express
    • LT bank facilities raised to B+ from B at Crisil
    • Cites healthy booking levels
  • Darcl Logistics
    • LT bank facilities raised to A- from BBB+ at Crisil
    • Cites significant improvement in financial risk profile post acquisition
  • Delhi Aviation
    • LT bank facilities raised to BBB+ from BBB at Crisil
    • Cites stable, healthy operating profitability
  • G. D. Overseas
    • LT bank facilities raised to BB from BB- at Crisil
    • Cites expected improvement in business risk profile over medium term
  • Mayfair Housing
    • LT bank facilities raised to BBB from BBB- at Crisil
    • Cites advanced stage of construction of most projects, healthy booking

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
CRPBK IN (Corp Bank)
VOD LN (Vodafone Group PLC)
1506129D IN (Darcl Logistics Ltd)
KLP IN (Kkalpana Industries India Ltd)
0807309D IN (Lanco Devihalli Highways Pvt Ltd)

Topics
First Word Credit Asia
India Macro News

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