HALISTER1: INDIA RATINGS: Jindal Power Cut; Gayatri Projects Raised

INDIA RATINGS: Jindal Power Cut; Gayatri Projects Raised

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
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DOWNGRADES
  • Jindal Power
    • Long-term bank facilities cut to A- from A+ at Care
    • Cites higher-than-envisaged exposure to holding co. Jindal Steel & Power, increasing working capital intensity
  • Oriental Nagpur Bye Pass
    • LT bank facilities cut to BB+ from BBB- at Care
    • Cites relatively low growth in toll revenue
  • Sangath Infrastructures
    • LT loan facilities cut to D from BB at Crisil
    • Cites delay in meeting term loan obligation due to weak liquidity
UPGRADES
  • Gayatri Projects
    • LT bank facilities raised to BB- from B at Care
    • Cites improvement in turnover, profits
  • Indiana Gratings
    • LT bank facilities raised to A from A- at Care
    • Cites sound financial-risk profile, healthy debt coverage indicators
  • OPG Power Generation
    • Term loans raised to A+ from A at ICRA
    • Cites successful ramp-up of operations of co.’s 4th power plant leading to an improvement in revenue size, cash accruals
  • Silpa Projects
    • LT loan facilities raised to B+ from C at Crisil
    • Cites timely servicing of term debt
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
GAYP IN (Gayatri Projects Ltd)
JSP IN (Jindal Steel & Power Ltd)
6593428Z IN (Indiana Gratings Pvt Ltd)
0490984D IN (OPG Power Generation Pvt Ltd)
819404Z IN (Oriental Structural Engineers Pvt Ltd)

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