HALISTER1: INDIA RATINGS: Hindustan Organic Cut to D; India Infoline Raised

INDIA RATINGS: Hindustan Organic Cut to D; India Infoline Raised

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
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DOWNGRADES
  • Bertling Logistics
    • Long-term loan facilities cut to B from BB- at Crisil
    • Cites intense competition, delays in project execution
  • Hindustan Organic
    • NCDs cut to D from AAA (SO) at Care
    • Cites failure to fund designated account by co./govt on due date leading to delay in interest payment to bondholders
  • Shree Infra
    • Cash credit cut to B+ from BB- at ICRA
    • Cites zero booking, no advance inflow from customers in project
UPGRADES
  • India Infoline Finance
    • Subordinated debt raised to AA from AA- at Crisil
    • NCDs of India Infoline Housing also revised to AA from AA- at Crisil
    • Cites group’s improved capital position, well- diversified business risk profile
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
HOC IN (Hindustan Organic Chemicals Ltd)
IIFL IN (IIFL Holdings Ltd)
0554222D IN (Bertling Logistics India Pvt Ltd)

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