HALISTER1: INDIA RATINGS: Dhanlaxmi Cotex, Nitesh Estates Cut; PNG Raised

INDIA RATINGS: Dhanlaxmi Cotex, Nitesh Estates Cut; PNG Raised

(Bloomberg) -- A roundup of debt rating changes of Indian cos. To get this story sent to your inbox in real-time, run NI INRATINGS , click on Display & Edit, then Set Alert Delivery. DOWNGRADES:
  • Dhanlaxmi Cotex
    • Long-term loan facilities cut to D from B at Crisil
    • Cites instances of delay in servicing term debt
  • Joonktollee Tea
    • LT loan facilities cut to BBB- from BBB at Crisil
    • Cites dip in operating profitability leading to higher dependency on non-operating income to support liquidity
  • Nitesh Estates
    • Fund-based facilities cut to D from BB- at ICRA
    • Cites delays in debt servicing in the recent past due to slowdown in sales volumes
  • Rainbow Papers
    • LT loan facilities cut to D from B+ at Crisil
    • Cites delay in servicing debt obligations
UPGRADES:
  • PNG Jewellery & Gems
    • LT bank facilities revised to BBB from BBB- at Care
    • Cites growing scale of operations, improved capital structure
  • Youngman Woollen Mills
    • LT loan facilities revised to BBB- from BB+ at Crisil
    • Crisil also raises Youngman Synthetics’ LT loan facilities BBB- from BB+
    • Expects group’s revenue to continue to grow over the medium term
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
DHCO IN (Dhanlaxmi Cotex Ltd)
NITE IN (Nitesh Estates Ltd)
JTIL IN (Joonktollee Tea & Industries Ltd)
RBWP IN (Rainbow Papers Ltd)
9771089Z IN (Youngman Woollen Mills Pvt Ltd)

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