INDIA RATINGS: Indsil Hydro Cut; Fusion Microfinance Raised
Source: BFW (Bloomberg First Word)
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(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
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- Indsil Hydro Power and Manganese
- Long-term rating cut to BB+ from BBB at Crisil
- Cites pressure on group’s liquidity due to lower-than- expected operating profitability and large debt obligations in FY17
- Modicon
- Long-term rating cut to BB- from BB+ at Crisil
- Cites deterioration in debt protection metrics and capital structure due to weak profitability caused by volatility in silver prices
- Fusion Microfinance
- Long-term bank facilities raised to BBB+ from BBB at CARE
- Cites improvement in capitalization levels of company after capital infusion
- Jaora Nayagaon Toll Road Co.
- Long-term bank facilities raised to A+ from A- at CARE
- Cites track record in toll generation from the project and lowering of interest cost due to refinancing
- Utkal Alumina International
- Long-term bank facilities raised to A+ from A- at CARE
- Cites successful ramp up of company’s alumina refinery project and Hindalco’s aluminium smelter projects at Aditya and Mahan, low working capital related bank borrowings
Source: BFW (Bloomberg First Word)
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UUID: 7947283