HALISTER1: INDIA RATINGS: Hindalco Raised to AA+; Simplex Castings Lowered

INDIA RATINGS: Hindalco Raised to AA+; Simplex Castings Lowered

(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
UPGRADES
  • Agarwal Packers
    • Long-term bank facilities raised to BBB from BBB- at Crisil
    • Cites profitability improvement
  • CMI Energy
    • LT bank facilities raised to BBB+(SO) from BBB(SO) at Care
    • Cites group’s improved operating performance
  • Hindalco
    • Term loan, NCDs raised to AA+ from AA at Care
    • Cites significant improvement in capital structure due to prepayment of long term debt
  • Ireda
    • Bonds, tax- free notes raised to AAA from AA+ at India Ratings
    • Cites Ireda’s role as a public policy institution for the government, strong and undeterred market share
  • Jyothi Granite Exports
    • LT bank facilities raised to BB from BB- at Crisil
    • Cites sustained growth in revenue, steady profitability
  • Panacea Biotec
    • LT bank facilities raised to B+ from D at Care
    • Cites improvement in debt servicing track record
  • SEZ Vitrified
    • LT bank facilities raised to BB- from B+ at Crisil
    • Cites ramp-up in scale of operations
  • Solairedirect Projects
    • Term loans raised to BBB+ from BBB at ICRA
    • Cites satisfactory operating track record of solar photovoltaic-based project
  • Utkal Alumina International
    • Term loan raised to AA+(SO) from AA(SO) at Care
    • Cites significant improvement in capital structure due to prepayment of long-term debt amounting to INR22.8b
DOWNGRADES
  • Sahakar Maharshi Shankarrao
    • LT bank facilities cut to B from B+ at Care
    • Cites erosion of net-worth
  • Simplex Castings
    • Fund-based limit cut to BB+ from BBB- at India Ratings
    • Cites continuous breach of India Ratings’ negative rating guideline of net financial leverage above 3.5x due to addition of debt to fund working capital needs

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
HNDL IN (Hindalco Industries Ltd)
SMPX IN (Simplex Castings Ltd)
0655493D IN (Agarwal Packers & Movers Ltd)
4075180Z IN (Indian Renewable Energy Development Agency Ltd)
PNCB IN (Panacea Biotec Ltd)

Topics
India Macro News

To de-activate this alert, click here
To modify this alert, click here

UUID: 7947283