HALISTER1: INDIA RATINGS: Cravatex Cut; DCM Shriram, United Spirits Raised

INDIA RATINGS: Cravatex Cut; DCM Shriram, United Spirits Raised

(Bloomberg) -- Here’s a roundup of debt-rating changes of Indian cos. To get this story sent to your inbox real-time, run NI INRATINGS , click on Display & Edit, then Set Alert Delivery. DOWNGRADES
  • Antony Garages
    • LT loan facilities cut to BB- from BB at Crisil
    • Expects group’s liquidity to remain under pressure over the medium term
  • Cravatex
    • Cash credit cut to BB+ from BBB- at ICRA
    • Cites decline in operating profit margins
  • Koshiya Enterprise
    • LT loan facilities cut to D from B+ at Crisil
    • Cites delays in servicing interest payments
  • Shreehari Associates
    • LT loan facilities cut to D from B+ at Crisil
    • Cites delays in servicing interest obligations for term debt
  • Ramnandi Estate
    • LT loan facilities cut to D from B at Crisil
    • Cites delays in repayment of term loan
  • Reliable Infrastructure
    • LT loan facilities cut to D from B- at Crisil
    • Cites weak liquidity due to delays in realization from customers
  • Wasan Hospitality
    • LT bank facilities cut to B+ from BB- at Care
    • Cites delay in execution of project along with cost overrun
UPGRADES
  • Amit Mines
    • LT bank facilities revised to BB+ from BB- at Care
    • Cites improvement in financial performance
  • A to Z Logistics
    • LT loan facilities revised to BB from BB- at Crisil
    • Expects co. to sustain improved business and financial risk profiles over the medium term
  • DCM Shriram
    • LT limits revised to AA- from A+ at ICRA
    • Cites improvement in the business risk profile due to healthy performance of the chloro vinyl division
  • Platinum Textile
    • LT bank facilities revised to BBB+ from BBB at Care
    • Cites infusion of equity in FY15, growth in operations
  • Rugby Renergy
    • LT loan facilities revised to BBB+ from BBB at Crisil
    • Cites improvement in liquidity following the creation of a 6-mo. debt-service reserve account
  • United Spirits
    • Term loans revised to A+ from BBB- at ICRA
    • Cites significant improvement in overall financial flexibility, corporate governance, compliance framework
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
CRAV IN (Cravatex Ltd)
DCMS IN (DCM Shriram Ltd)
UNSP IN (United Spirits Ltd)
0990939D IN (Platinum Textiles Ltd)

To de-activate this alert, click here

UUID: 7947283