HALISTER1: INDIA RATINGS: GVK Power Cut to Default; Wonder Cement Upgraded

INDIA RATINGS: GVK Power Cut to Default; Wonder Cement Upgraded

(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
DOWNGRADE
  • Ghatge Patil
    • Long-term bank facilities cut to BB+ from BBB- at Care
    • Cites decline in total operating income
  • GVK Power
    • LT bank facilities cut to D from BB at Care
    • Cites delays in debt servicing
  • Mahesh Timber
    • LT bank facilities cut to BB from BBB at Crisil
    • Cites weakening of group’s liquidity
  • Pudumjee
    • LT bank facilities cut to BBB+ from A- at Crisil
    • Cites weakening in group’s business risk profile due to demerger of paper business
  • Reengus Sikar
    • LT bank facilities cut to AA- from A+ at Care
    • Cites resolution of dispute with NHAI regarding the rate for payment of annuity
  • Steel Exchange
    • LT bank facilities cut to BB from BBB- at Care
    • Cites decline in profitability margins due to subdued steel industry
UPGRADES
  • Balmer Lawrie
    • Cash credit limit raised to AA+ from AA at ICRA
    • Cites healthy cash accruals
  • DCM Shriram
    • LT bank facilities raised to BBB+ from BBB at Care
    • Cites improved profitability
  • Gayatri Lalitpur Roadways
    • LT bank facilities raised to A- from BBB at Care
    • Cites improvement in liquidity
  • Manyata Promoters
    • Term loan raised to A-(SO) from BBB(SO) at ICRA
    • Cites improvement in operating, financial risk profile
  • Nagarjuna Fertilizers
    • LT bank facilities raised to B from D at Care
    • Cites regularization of debt servicing due to improvement in liquidity
  • Sarala Development
    • LT bank facilities raised to BBB- from BB+ at Care
    • Cites improvement in financial performance, satisfactory asset quality
  • Supertron Electronics
    • LT bank facilities raised to A- from BBB+ at Care
    • Cites improvement in profitability, capital structure
  • Wonder Cement
    • LT bank facilities raised to A from A- at Care
    • Cites commencement of operations of its brown field cement project
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
GVKP IN (GVK Power & Infrastructure Ltd)
BLCL IN (Balmer Lawrie & Co Ltd)
DCMS IN (DCM Shriram Ltd)
GAYP IN (Gayatri Projects Ltd)
6588396Z IN (Ghatge Patil Industries Ltd)

To de-activate this alert, click here

UUID: 7947283