HALISTER1: INDIA RATINGS: GVK Projects Cut; Nexo Industries Raised

INDIA RATINGS: GVK Projects Cut; Nexo Industries Raised

(Bloomberg) -- 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:
  • Ashruly Engineering
    • Long-term loan facilities cut to D from B+ at Crisil
    • Cites overdrawn cash credit limit for more than 30 consecutive days
  • GVK Projects and Technical Services
    • LT bank facilities cut to BB+ from BBB- at Care
    • Cites significant decline in scale of operation during FY15 and April-Sept. period
  • Mittapalli Audinarayana Enterprises
    • LT loan facilities cut to B from B+ at Crisil
    • Cites substantial deterioration in capital structure
  • Parenteral Surgicals
    • LT bank facilities cut to D from B at Care
    • Cites delays in debt servicing
  • Sumohan Engineers
    • LT loan facilities cut to D from BB at Crisil
    • Cites instances of cash credit account remaining overdrawn for more than 30 days
  • Super Construction
    • LT loan facilities cut to D from B+ at Crisil
    • Cites delays in debt servicing
  • Vijayasri Organics
    • LT loan facilities cut to D from B+ at Crisil
    • Cites instances of delay in servicing debt
UPGRADES:
  • Nexo Industries
    • LT loan facilities revised to BBB+ from BBB at Crisil
    • Cites growing mkt presence in the fasteners industry
  • Nova Publications
    • LT loan facilities revised to BBB from BBB- at Crisil
    • Cites group’s improving mkt position
  • Orchid Laminates
    • LT loan facilities raised to BBB- from BB+ at Crisil
    • Cites considerable improvement in financial risk profile, liquidity
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
1041412D IN (GVK Projects and Technical Services Ltd)
NPIL IN (Nova Publications India Ltd)
6588132Z IN (Vijayasri Organics Ltd)

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