Halister News

(Bloomberg) -- Here’s a roundup of debt-rating changes of Indian cos. To get this story sent to your inbox in real-time, run NI INRATINGS , click on Display & Edit, then Set Alert Delivery. DOWNGRADES

• Bapashree Infrastructure
  • Long term rating cut to D from BB- at Crisil
  • Cites delay in debt servicing because of weak liquidity, poor offtake of projects
• India Pistons
  • Long term rating cut to D from BB+ at Crisil
  • Cites delay in servicing term loans due to stretched liquidity, resulting from continuing cash losses
• Inox India
  • Long term rating cut to A- from A at Crisil
  • Cites continued pressure on operating performance of co’s U.S. unit due to challenging business environment there

UPGRADES

• Malabar Creations
  • Long term rating raised to BBB- from BB+ at Crisil
  • Cites benefits from ongoing consolidation process, co’s position in jewelry retail business, moderate financial risk profile, healthy capital structure and comfortable debt protection metrics
• Shri Vaari Electricals
  • Long term rating raised to BB+ from BB at Crisil
  • Cites healthy revenue growth supported by improved order flow from existing customers and steady client additions
• Vishwa Glass and Ceramics
  • Long term rating raised to BB from BB- at Crisil
  • Cites higher-than-expected profitability