HALISTER1: INDIA RATINGS: Indian Overseas, PNB Housing Cut; Igarashi Raised

INDIA RATINGS: Indian Overseas, PNB Housing Cut; Igarashi Raised

(Bloomberg) -- 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:
  • Indian Overseas Bank
    • Basel III Tier 1 bonds cut to BBB from A- at Care Ratings
    • Cites higher than anticipated losses reported during 3Q of FY16
  • Pioneer Fabricators
    • Long-term loan facilities cut to B- from B at Crisil
    • Cites weak debt protection metrics
  • PNB Housing Finance
    • NCDs cut to AA+ from AAA at ICRA
    • Revises rating following Punjab National Bank’s rating change of senior bonds
  • RBD International
    • LT loan facilities cut to D from B+ at Crisil
    • Cites default by the group in servicing bank debt
  • RCL Paper
    • LT bank facilities cut to D from BB at Care Ratings
    • Cites delays in servicing of debt obligations
UPGRADES:
  • Hazaribagh Ranchi Expressway
    • Term loans revised to AA- from A at ICRA
    • Cites part refinancing of term loans with long tenure fixed rate debt which resulted in extension of repayment period
  • Igarashi Motors
    • LT bank facilities revised to A+ from A at Care Ratings
    • Cites improvement in operational and financial performance during FY15
  • Jindal Worldwide
    • LT loan facilities revised to BBB from BBB- at Crisil
    • Cites improving accruals, absence of any major debt funded capex plans over the medium term
  • N G Fertilizers
    • Cash credit limits revised to BB+ from BB at ICRA
    • Cites healthy cash accruals due to increased scale of operations
  • Pacific Development
    • Term loans raised to A- from BBB+ at ICRA
    • Cites successful refinancing and enhancement of loan against escrowed lease rentals of the co. at a significantly lower rate of interest
  • Whirlpool of India
    • LT loan facilities revised to AA from AA- at Crisil
    • Expects higher revenue growth, operating profitability over medium term
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
IOB IN (Indian Overseas Bank)
PNB IN (Punjab National Bank)
IGM IN (Igarashi Motors India Ltd)
JINW IN (Jindal Worldwide Ltd)
WHIRL IN (Whirlpool of India Ltd)

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