HALISTER1: INDIA RATINGS: IFCI, Religare Finvest Cut; Ess Kay Raised

INDIA RATINGS: IFCI, Religare Finvest Cut; Ess Kay Raised

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
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DOWNGRADES
  • Azam Rubber
    • Long-term bank facilities lowered to D from B+ at Care
    • Cites irregularities in debt servicing
  • Capital Electech
    • LT bank facilities cut to BB from BB+ at Crisil
    • Cites weakening working capital cycle
  • IFCI
    • LT bank facilities cut to A- from A at Care; subordinated bonds downgraded to BBB+ from A- and NCDs reduced to A+(SO) from AA-(SO)
    • Cites sharp deterioration in asset quality parameters as on March 31 and decline in profitability
  • Maa Bhagwati Coke
    • Fund-based facility cut to D from B+ at Brickwork
    • Cites persisting liquidity issues, irregularity in bank accounts
  • Religare Finvest
    • NCDs cut to A from AA- at Care
    • Cites corporate governance/disclosure issues
  • Shalimar Paints
    • LT bank facilities cut to B from BBB at Care
    • Cites deterioration in financial performance, debt coverage indicators
  • Steel Exchange
    • LT bank facilities cut to D from BB at Care
    • Cites decline in profitability due to subdued steel industry scenario
UPGRADES
  • Diamines
    • LT bank facilities raised to BB+ from BB- at Crisil
    • Cites improvement in debt protection metrics and liquidity
  • Ess Kay Fincorp
    • LT bank facilities, NCDs raised to BBB+ from BBB at Care
    • Cites improvement in loan portfolio, diversification of business profile
  • GMR Hyderabad International Airport
    • LT bank facilities raised to AA from AA- at Care
    • Cites robust financial performance last financial year with strong profitability parameters
  • Pasupati Acrylon
    • LT bank facilities raised to BBB from BBB- at Crisil
    • Cites ramp-up of new cast polypropylene films plant and increasing focus on exports
  • Saraf Agencies
    • Term loan raised to BBB- from BB at India Ratings
    • Operations likely to ramp up this financial year
  • RPP Infra
    • Fund-based facility raised to BBB from BBB- at Brickwork
    • Cites improvement in scale of operations

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
IFCI IN (IFCI Ltd)
RELG IN (Religare Enterprises Ltd)
9770921Z IN (Azam Rubber Products Ltd)
DC IN (Diamines & Chemicals Ltd)
0893736D IN (Ess Kay Fincorp Pvt Ltd)

Topics
First Word Credit Asia

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