HALISTER1: INDIA RATINGS: Hinduja, Manappuram, Toyo Engineering Raised

INDIA RATINGS: Hinduja, Manappuram, Toyo Engineering Raised

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
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UPGRADES
  • Hinduja Foundries
    • Long-term bank facilities raised to BBB (SO) from BBB- (SO) at Care
    • Cites equity infusion of INR4b in March 2016
  • Kanpur Plastipack
    • LT loan facilities raised to BBB+ from BBB at Crisil
    • Cites higher operating margin
  • Mulpuri Fisheries
    • LT loan facilities raised to B from D at Crisil
    • LT loan facilities of Mulpuri Foods also raised to B from D at Crisil
    • Cites timely servicing of debt by the group
  • Manappuram Finance
    • NCDs raised to AA- from A+ at ICRA
    • Cites improved business risk profile following its shift to shorter tenor loans
  • Rays Power Infra
    • LT bank facilities raised to BBB from BBB- at Care
    • Cites improvement in scale of operations, profitability margins
  • Toyo Engineering
    • Term loan raised to A+ from A at Care
    • Cites robust order book
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
MGFL IN (Manappuram Finance Ltd)
6330 JP (Toyo Engineering Corp)
ENOR IN (Hinduja Foundries Ltd)
KNP IN (Kanpur Plastipack Ltd)
1033487D IN (Mulpuri Foods & Feeds Pvt Ltd)

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