HALISTER1: INDIA RATINGS: Devendran Coal Cut; IL&FS Energy Raised

INDIA RATINGS: Devendran Coal Cut; IL&FS Energy Raised

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
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DOWNGRADES
  • Devendran Coal
    • LT loan facilities cut to BB+ from BBB- at Crisil
    • Cites weakening of financial-risk profile due to higher than expected debt
  • Hubtown Bus Terminal
    • Term loan cut to D from B at Care
    • Cites weakened liquidity position due to delay in project completion
  • Sri Lakshminarasimha Poultry Farms
    • LT loan facilities cut to C from B- at Crisil
    • Cites group’s weak liquidity profile
  • Sri Ravichandra Textiles
    • LT loan facilities cut to D from B+ at Crisil
    • Cites instances of delay in servicing debt
  • Tapi Prestressed
    • Cash credit cut to D from C at ICRA
    • Cites persistent over-utilization of working capital limits
UPGRADES
  • Alfa Vitrified
    • LT loan facilities raised to BB- from B+ at Crisil
    • Cites improved financial-risk profile
  • IL&FS Energy Development
    • Term loan raised to A+ from A at Care
    • Cites completion, operationalization of capacity
  • IL&FS Tamil Nadu Power
    • Term loans raised to BBB+ from BBB at ICRA
    • Cites commissioning of project, stabilization of operations
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
HUB IN (Hubtown Ltd)
9537162Z IN (Devendran Coal International Pvt Ltd)
287216Z IN (Infrastructure Leasing & Financial Services Ltd)
6594748Z IN (Tapi Prestressed Products Ltd)

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