HALISTER1: INDIA RATINGS: Dhanlaxmi Bank, GMR Warora Raised; SAIL Lowered

INDIA RATINGS: Dhanlaxmi Bank, GMR Warora Raised; SAIL Lowered

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
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UPGRADES
  • Cosmo Electro
    • Long-term bank facilities raised to BBB- from BB+ at Crisil
    • Cites improved revenue, net cash accrual
  • Dhanlaxmi Bank
    • Upper Tier 2 bonds raised to BB from D at Care
    • Cites regularization of coupon payments of notes
  • GMR Warora Energy
    • Term loans, NCD raised to BB- from D at ICRA
    • Cites timely debt servicing
  • Hi-Tech Pipes
    • Fund-based facility raised to BBB+ from BBB at Brickwork
    • Cites experience of promoters, improvement in operating income
  • Inspira Enterprise
    • LT bank facilities raised to BBB+ from BBB at Crisil
    • Cites healthy revenue growth
  • Jaigad Power Transco
    • Term loan raised to AA- from A+ at Care
    • Cites stability of cash flows
  • Mahabal Metals
    • LT bank facilities raised to A- from BBB+ at Care
    • Cites consistent revenue growth, improvement in operating profit margins
  • Minda Kosei Aluminium
    • LT bank facilities raised to AA-(SO) from A+(SO) at Care
    • Cites experienced promoters, healthy profitability margins
  • Osho Forge, Emson Gears
    • LT bank facilities raised to BB from BB- at Care
    • Cites increasing income, improving solvency position of the group
  • Rimjhim Stainless
    • LT bank facilities raised to BBB-(SO) from B+ at Care
    • Cites credit enhancement in form of unconditional, irrevocable corporate guarantee provided by RIL
DOWNGRADE
  • Steel Authority of India
    • LT bond programme cut to AA- from AA at Care
    • Cites subdued profitability, losses at net level
  • The Madras Silks
    • LT bank facilities cut to BBB from BBB+ at Care
    • Cites increase in leverage levels

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
DHLBK IN (Dhanlaxmi Bank Ltd)
GMRI IN (GMR Infrastructure Ltd)
1343867D IN (Emson Gears Ltd)
HITECH IN (HI-Tech Pipes Ltd)
0778628D IN (Inspira Enterprise India Pvt Ltd)

Topics
First Word Credit Asia
India Macro News

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