HALISTER1: INDIA RATINGS: Godawari Power Cut; IL&FS Tamilnadu, MRF Raised

INDIA RATINGS: Godawari Power Cut; IL&FS Tamilnadu, MRF Raised

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
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DOWNGRADES
  • Godawari Power and Ispat
    • Long-term bank facilities cut to D from BBB+ at Care
    • Cites delays in debt servicing
  • Leeway Logistics
    • LT rating cut to BB+ from BBB+ at Crisil
    • Cites deterioration in co.’s liquidity and rising working capital requirement
  • Vortex Rubber Industries
    • LT rating cut to B from BB- at Crisil
    • Cites deterioration in liquidity profile with overutilization of bank credit lines
UPGRADES
  • Apt Packaging
    • LT rating raised to B- from D at Crisil
    • Says co. met debt obligations in time over 15 mos. to May 31
  • Ashoka Highways (Bhandara)
    • LT rating raised to A-(SO) from BBB+(SO) at Crisil
    • Cites improvement in co.’s debt protection metrics following refinancing of term loan at lower rates
  • IL&FS Tamilnadu Power Co.
    • LT bank facilities raised to BBB+ from BBB at Care
    • Cites track record on projects
  • MRF Ltd.
    • NCDs raised to AAA from AA+ at ICRA
    • Cites improvement in financial performance
  • Tirupati Cotton
    • LT rating raised to BB from BB- at Crisil
    • Cites expectations of an improvement in firm’s financial risk profile capital infusion, rising cash accruals and controlled debt levels
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
GODPI IN (Godawari Power and Ispat Ltd)
MRF IN (MRF Ltd)

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