HALISTER1: INDIA RATINGS: GMR Warora Energy Cut to D; Manappuram Raised

INDIA RATINGS: GMR Warora Energy Cut to D; Manappuram Raised

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
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DOWNGRADE
  • GMR Warora Energy
    • Bank facilities cut to D from BB+ at ICRA; NCDs also cut to D from BB+
    • Cites delays in debt servicing
UPGRADES
  • Manappuram Finance
    • Long-term loan facilities raised to AA- from A+ at Crisil; NCDs also revised to AA- from A+
    • Cites improvement in business risk profile due to change in business model
  • Sterling Gated
    • NCDs raised to B+ from D at Care
    • Cites amendment in debenture trust agreement with the investors on extending the coupon payment dates
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
GMRI IN (GMR Infrastructure Ltd)
MGFL IN (Manappuram Finance Ltd)
1129640D IN (Sterling Gated Community Pvt Ltd)

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