HALISTER1: INDIA RATINGS: IDBI, Raheja, Reliance Infrastructure Cut

INDIA RATINGS: IDBI, Raheja, Reliance Infrastructure Cut

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
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DOWNGRADES
  • Charismatic Infratech
    • NCDs cut to D from B+(SO) at Brickwork
    • Cites delay in servicing coupon payments
  • IDBI Bank
    • Upper Tier 2, AT1 perpetual debt cut to BBB+ from A- at India Ratings
    • Cites structural weakening of lender’s standalone profile, likely elevated levels of credit costs
  • M.R. Overseas
    • Long-term bank facilities cut to B+ from BB- at Crisil
    • Expects liquidity to remain weak over the medium term
  • Oren Hydrocarbons
    • Term loans cut to D from BBB+ at India Ratings
    • Cites instances of delays in debt servicing due to tight liquidity position
  • Raheja Developers
    • LT bank facilities cut to BB from BBB- at Care
    • Cites stretched liquidity position due to continued slowdown in real estate sector
  • Raheja Icon
    • NCDs cut to BB(SO) from BBB-(SO) at Care
    • Cites rating revision of guarantor Raheja Developers
  • Reliance Infrastructure
    • LT bank facilities, bonds cut to BBB+ from A- at Crisil
    • Cites delay in company’s debt reduction plans
UPGRADES
  • ATC Telecom
    • NCD raised to AA- from A+ at Brickwork
    • Cites continued improvement in financial and operational performance
  • Bertelsmann Marketing
    • LT bank facilities raised to AA+(SO) from AA(SO) at Crisil
    • Cites sustained support extended by parent, Bertelsmann SE & Co KGaA
  • Bhimji Velji Sorathia Construction
    • LT bank facilities raised to BBB from BBB- at Crisil
    • Cites healthy revenue visibility
  • Chhattisgarh Hydro Power
    • LT bank facilities raised to BB+ from BB- at Crisil
    • Cites mitigation of implementation and demand risks due to timely completion of hydro power project
  • Feather Spintex
    • LT bank facilities raised to B+ from B at Crisil
    • Cites stabilization of operations
  • Supertech
    • LT bank facilities 1 raised to C from D at Care
    • Cites satisfactory track record of debt servicing
  • Venus India
    • Fund-based bank loan facilities raised to BBB from BBB- at Brickwork
    • Cites overall improvement in operating and financial performance

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
IDBI IN (IDBI Bank Ltd)
RELI IN (Reliance Infrastructure Ltd)
APIL IN (Ansal Properties & Infrastructure Ltd)
BTG GR (Bertelsmann SE & Co KGaA)
6593972Z IN (Oren Hydrocarbons Pvt Ltd)

Topics
First Word Credit Asia

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