HALISTER1: INDIA RATINGS: Earthcon Developers Cut; Gugan Knitwears Raised

INDIA RATINGS: Earthcon Developers Cut; Gugan Knitwears Raised

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
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DOWNGRADE
  • Earthcon Developers
    • Fund-based limits cut to B from B+ at ICRA
    • Cites high funding risks of the company due to increase in scope of project, low sales velocity and upcoming repayments
UPGRADES
  • Gugan Knitwears
    • Term loan raised to BB+ from BB- at ICRA
    • Cites steady improvement in the financial profile of the group
  • Sri V.N.S. Spinning Mills
    • Term loan raised to B- from C+ at ICRA
    • Cites steady improvement in financial profile

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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