HALISTER1: INDIA RATINGS: Deepak Fasteners, Udupi Cut; Plastene Raised

INDIA RATINGS: Deepak Fasteners, Udupi Cut; Plastene Raised

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
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DOWNGRADES
  • Bihar Raffia
    • Long-term bank facilities cut to D from C at Crisil
    • Cites delays in interest payment on cash credit facility, term loans
  • Deepak Fasteners
    • LT bank facilities cut to D from BBB- at Crisil
    • Cites delays in meeting obligations due to deterioration in liquidity
  • Saket Infraprojects
    • LT bank facilities cut to BB+ from BBB- at Crisil
    • Expects business risk profile of the group to be weaker due to ongoing investigations by Municipal Corporation of Greater Mumbai
  • Udupi Power
    • LT bank facilities cut to BBB+ from A- at Care
    • Cites weaker-than-expected liquidity
UPGRADES
  • Oswal Extrusion
    • LT bank facilities raised to BB+ from BB at Care
    • Cites growth in total operating income, improvement in profitability
  • Malaxmi Highway
    • LT bank facilities raised to B+ from D at Care
    • Cites improvement in liquidity position, regularization of debt servicing
  • Manika Moulds
    • LT bank facilities raised to BBB+ from BBB at Care
    • Cites increasing volumes in pail container, auto components division
  • Patnaik Steels
    • LT bank facilities raised to C from D at Crisil
    • Cites high gearing, below-average debt protection metrics
  • Plastene India
    • LT bank facilities raised to BB+ from BB at Care
    • Cites growth in total operating income, improvement in profitability
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
ADANI IN (Adani Power Ltd)
1112032D IN (Deepak Fasteners Ltd)
0806196D IN (Malaxmi Highway Pvt Ltd)
0820965D IN (Manika Moulds Pvt Ltd)
0991032D IN (Oswal Extrusion Ltd)

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