HALISTER1: INDIA RATINGS: Essel Mining, Eurotas Cut; PC Jeweller Raised

INDIA RATINGS: Essel Mining, Eurotas Cut; PC Jeweller Raised

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
  • To get this story sent to your inbox real-time, run NI INRATINGS, click on Display & Edit, then Set Alert Delivery
DOWNGRADES
  • Essel Mining
    • Long-term bank facilities, NCDs cut to AA- from AA at Crisil
    • Cites longer-than-expected delay in resumption of mining operations at Jilling iron ore mines
  • Eurotas Infrastructure
    • Fund-based facility cut to BB+(SO) from A-(SO) at Brickwork
    • Cites continuous loss
  • Prime Gold
    • Cash credit cut to D from BBB- at Brickwork
    • Cites the company has been unable to service debt in timely manner
  • Shree Prakash Textiles
    • LT bank facilities cut to BB from BB+ at Crisil
    • Cites weakening of financial risk profile, particularly liquidity
  • Surbhi Gems
    • LT bank facilities cut to BB- from BB at Crisil
    • Cites decline in revenue
UPGRADES
  • Lakme Vitrified
    • LT bank facilities raised to B+ from B at Crisil
    • Cites earlier-than-expected commencement of commercial operations
  • PC Jeweller
    • LT bank facilities raised to A+ from A at Crisil
    • Cites increase in revenue

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
PCJL IN (PC Jeweller Ltd)
214046Z IN (Aditya Birla Group)
0702941D IN (Eurotas Infrastructure Ltd)
0532081D IN (Prime Gold International Ltd)
1488779D IN (Shree Prakash Textiles Gujarat Pvt Ltd)

Topics
First Word Credit Asia

To de-activate this alert, click here
To modify this alert, click here

UUID: 7947283