HALISTER1: INDIA RATINGS: Indo Rama Synthetics Cut; ESAF, Haldia Raised

INDIA RATINGS: Indo Rama Synthetics Cut; ESAF, Haldia Raised

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
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DOWNGRADES
  • Indo Rama Synthetics (India)
    • Long-term bank facilities cut to BB from BBB- at CARE
    • Cites stretched liquidity due to inventory losses and low realizations
  • Cosmos International
    • Long-term rating cut to BB from BBB- at Crisil
    • Cites deterioration in company’s business risk profile due to a shift in its business model and management focus in FY17
UPGRADES
  • ESAF Microfinance and Investments
    • Long-term bank facilities raised to A- from BBB+ at CARE
    • Cites equity infusion and significant growth in scale of operations in FY16
  • Haldia Petrochemicals
    • Long-term bank facilities raised to A- from BBB at CARE
    • Cites improvement in financial performance and financial risk profile of the company
  • Techno Strips and Tubes
    • Long-term rating raised to B+ from B at Crisil
    • Cites improvement in business and financial risk profile, particularly liquidity over the medium-term
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
IRS IN (Indo Rama Synthetics India)
INDR IJ (Indo-Rama Synthetics Tbk PT)

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