HALISTER1: INDIA RATINGS: Home Credit, Mecaplast Raised; SledgeHammer Cut

INDIA RATINGS: Home Credit, Mecaplast Raised; SledgeHammer Cut

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
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UPGRADES
  • Home Credit India Finance
    • Long-term bank facilities raised to BBB+(SO) from BBB(SO) at Care, NCD also upgraded to BBB from BB+
    • Cites comfortable capitalization levels due to consistent equity infusion by promoters
  • Mihit Solar Power
    • LT bank facilities raised to A-(SO) from BBB+(SO) at Care
    • Cites improved generation levels in all three co-obligors in last 6-8 months
  • Madras Engineering
    • LT bank facilities raised to A- from BBB+ at Crisil
    • Cites increasing business with existing customers in domestic heavy commercial vehicles segment
  • Mecaplast India
    • LT bank facilities raised to BBB+ from BBB at Crisil
    • Cites steady operating performance
  • Muktar Infrastructure
    • LT bank facilities raised to B- from D at Crisil
    • Cites timely servicing of term debt
  • NR Agarwal Industries
    • Term loan raised to BBB from BB+ at India Ratings
    • Cites revenue growth
  • Rai Bahadur Narain Singh Sugar Mills
    • LT bank facilities raised to BB+ from BB at Care
    • Cites improved profitability from sugar division
  • Suam Overseas
    • LT bank facilities raised to BBB+ from BBB at Crisil
    • Cites ramp-up in scale of operations
DOWNGRADES
  • Laxmi Dia Jewel
    • LT bank facilities cut to BB+ from BBB- at Crisil
    • Cites significant decline in revenue
  • SledgeHammer Oil
    • LT bank facilities cut to BBB from BBB+ at Crisil
    • Cites decline in operating income

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
0282861D LN (Equistone Partners Europe Ltd)
0991009D IN (Laxmi Dia Jewel Pvt Ltd)
9769813Z IN (Madras Engineering Industries Pvt Ltd)
1521424D IN (Mihit Solar Power Pvt Ltd)
NRA IN (NR Agarwal Industries Ltd)

Topics
India Macro News

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