HALISTER1: INDIA RATINGS: Electrosteel Cut; JK Cement, JM Financial Raised

INDIA RATINGS: Electrosteel Cut; JK Cement, JM Financial Raised

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
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DOWNGRADES
  • Electrosteel Castings
    • Long-term bank facilities cut to BBB+ from A at CARE
    • Cites low debt coverage indicators and tight liquidity position
  • Yuken India
    • Long-term rating cut to BBB- from BBB at CARE
    • Cites continuing weakness in profitability due to delay in ramping production at foundry
UPGRADES
  • Asian Granito
    • Cash credit and term loan raised to A from A- at ICRA
    • Cites improvement in scale and profit margins in FY16 and FY17
  • JK Cement Works (Fujairah)
    • Long-term loan raised to AA-(SO) from A+(SO) at CARE
    • Cites corporate guarantee from parent
  • JM Financial Asset Reconstruction Co
    • Long-term rating raised to AA- from A+ at Crisil
    • Cites expectation of strong support from JM Financial
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
ELSC IN (Electrosteel Castings Ltd)
0989820D IN (Magnifico Minerals Pvt Ltd)
0689848D IN (Pushpak Bullions Pvt Ltd)

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