Halister News

(Bloomberg) -- Here’s 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

• Emaar Alloys
  • Long term rating cut to D from B at Crisil
  • Cites the company’s “marginal market share” and vulnerability to “cyclicality” in the steel industry
• Macawber Beekay
  • Long term rating cut to BBB- from BBB+ at Crisil
  • Cites delay in realization of receivables and retention funds, pressuring liquidity, debt protection metrics
• Shree Shubham Logistics
  • Long-term bank facilities cut to BBB+ from A- at Care
  • Cites decline in income from warehousing services amid lower demand following poor weather

UPGRADES

• Adani Welspun Exploration
  • Long-term bank facilities raised to A from A- at Care
  • Cites recent credit enhancement from Adani Enterprises; removes co. from credit watch list after concluding Welspun restructuring won’t be a burden
• Sango Auto Forge
  • Long term rating upgraded to B+ from B at Crisil
  • Cites expectation of credit profile improving over medium-term; operating profit is likely to increase at a steady margin, while equity inflows from backers will boost capital structure
• Tasty Bite Eatables
  • Long-term fund limits raised to A- from BBB+ at ICRA
  • Cites strong growth in domestic revenues and positive demand, margin improvement