HALISTER1: INDIA RATINGS: Crescent, Rajesh Projects, Samson Maritime Cut

INDIA RATINGS: Crescent, Rajesh Projects, Samson Maritime Cut

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
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DOWNGRADES
  • Crescent Organics
    • Long-term loan facilities cut to BB from BB+ at Crisil
    • Cites deterioration in group’s business-risk profile due to weak demand in domestic mkt, coupled with adverse fluctuations in chemical prices
  • Rajesh Projects
    • LT bank facilities cut to D from BB at Care
    • Cites ongoing delays in debt servicing
  • RG Residency
    • LT bank facilities cut to D from BB(SO) at Care
    • Cites ongoing delays in debt servicing
  • Samson Maritime
    • LT bank facilities cut to A- from A+ at Care
    • Cites significant downward repricing of charter rates in two of its vessels
  • Shree Manibhadra Food
    • LT loan facilities cut to D from BBB- at Crisil
    • Cites group’s continuous over-utilization of bank line, delay in meeting term loan obligation
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
7173129Z IN (Samson Maritime Ltd)
9536474Z IN (Crescent Organics Pvt Ltd)

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