HALISTER1: INDIA RATINGS: IDBI Cut; Bhopal Dhule, Tagros Chemicals Raised

INDIA RATINGS: IDBI Cut; Bhopal Dhule, Tagros Chemicals Raised

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
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DOWNGRADE
  • IDBI Bank
    • Basel III Tier 2, infra bonds cut to AA- from AA at Crisil; Tier 1 notes reduced to A- from A
    • Cites sharper-than-expected deterioration in asset quality, profitability
UPGRADES
  • Bhopal Dhule Transmission
    • Long-term bank loan facilities raised to AA- from A- at Crisil
    • Cites stable revenue profile, healthy debt coverage indicators
  • Tagros Chemicals
    • Term loans raised to A- from BBB+ at ICRA
    • Cites continued revenue growth
  • Yellowstone Nirmiti
    • Term loan raised to BB- from B+ at ICRA
    • Cites healthy demand outlook for affordable housing segment

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
IDBI IN (IDBI Bank Ltd)
SOTL IN (Sterlite Technologies Ltd)
6595028Z IN (Tagros Chemicals India Ltd)

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