HALISTER1: INDIA RATINGS: Drake and Scull Water Cut; Renew Power Raised

INDIA RATINGS: Drake and Scull Water Cut; Renew Power 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:
  • Divyaratna Agrotech
    • Long-term bank facilities cut to D from BB- at Care Ratings
    • Cites overdrawing in cash credit account, delay in servicing of interest due to weak liquidity position
  • Drake and Scull Water and Energy India
    • LT bank facilities cut to BBB+ (SO) from A- (SO) at Care Ratings
    • Cites deterioration in credit profile of guarantor Drake & Scull International due to moderation in financial risk profile in 2014 and continued weak profitability
  • Sri Anjaneya Agro-Tech
    • LT bank facilities cut to B+ from BB- at Care Ratings
    • Cites net losses in FY15, substantial weakening of operational performance during 1H of FY16
UPGRADES:
  • Renew Power Ventures
    • LT bank facilities revised to A+ from A at Care Ratings
    • Cites strong capital base for funding under development as well as future projects
  • Shri Vardhaman Rice Mills
    • LT bank facilities raised to B+ from B at Care Ratings
    • Cites significant growth in total operating income during FY15
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
DSI UH (Drake & Scull International PJSC)
1046710D IN (ReNew Power Ventures Pvt Ltd)

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