HALISTER1: INDIA RATINGS: Hamon Shriram, Taneja Cut; APCO Infratech Raised

INDIA RATINGS: Hamon Shriram, Taneja Cut; APCO Infratech Raised

(Bloomberg) -- Here’s a roundup of debt-rating changes of Indian cos.
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DOWNGRADES
  • KVR Industries
    • Long-term loan facilities cut to D from BB- at Crisil
    • Cites overdrawn cash credit facility for >30 days
  • Haridwar Highways Project
    • LT bank facilities cut to B+ from BB- at Care
    • Cites “slow progress of the project, compared with envisaged timeline”
  • Hamon Shriram
    • LT bank facilities cut to BB+ from BBB- at Care
    • Cites decline in scale of operations
  • Hyderabad Ring Road
    • LT bank facilities cut to D from BB at Care
    • Cites delays in debt servicing
  • Shubhi Agro
    • LT loan facilities cut to C from BBB at Crisil; NCDs cut to D from BBB
    • Cites delay in interest and principal repayment
  • Taneja Aerospace
    • LT bank facilities cut to BB- from BB at Care
    • Cites reduction in total operating income, net loss
UPGRADES
  • APCO Infratech
    • LT bank facilities raised to A- from BBB+ at Care
    • Cites increase in total operating income and profit, improvement in capital structure and comfortable debt coverage indicators
  • CMS Computers
    • LT bank facilities raised to BBB from BBB- at Care
    • Cites consistent growth in revenue, healthy cash accruals
  • Karda Construction
    • LT fund-based facilities raised to BB- from B at ICRA
    • Cites timely cash flows from collection efficiency
  • SITI Cable Network
    • Term loan raised to A- from BBB+ at ICRA
    • Cites equity infusion from founders
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
0990965D IN (Apco Infratech Ltd)
3117820Z IN (CMS Computers Ltd/India)
ERIE IN (Era Infra Engineering Ltd)
9536738Z IN (Hamon Shriram Cottrell Pvt Ltd)
SCNL IN (SITI Cable Network Ltd)

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