HALISTER1: INDIA RATINGS: Jindal Saw Cut; Dalmia Cement, Cosmo Raised

INDIA RATINGS: Jindal Saw Cut; Dalmia Cement, Cosmo Raised

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
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DOWNGRADES
  • Gomathi Spinning
    • Long-term loan facilities cut to BBB- from BBB+ at Crisil
    • Cites moderate scale of operation
  • Gujarat Foils
    • LT bank facilities cut to D from BBB at Care
    • Cites ongoing delays/defaults in debt servicing
  • Jindal Saw
    • LT bank facilities cut to A+ from AA- at Care; NCDs also cut to A+ from AA-
    • Cites lower-than-envisaged total income, profitability
UPGRADES
  • Connectwell Industries
    • LT loan facilities raised to BBB+ from BBB at Crisil
    • Expects company’s business risk profile to improve following its increased manufacturing capacity, geographic expansion
  • Cosmo Ferrites
    • LT loan facilities raised to BB- from B+ at Crisil
    • Cites higher-than-expected growth in revenue
  • Dalmia Cement (Bharat)
    • Term loans raised to AA from AA- at ICRA; NCDs also revised to AA from AA-
    • Cites cash accretive, operationally efficient cement operations
  • Precision Plastic
    • Term loan raised to BBB+ from BBB at Care
    • Cites steady improvement in operational performance
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
DCB IN (Dalmia Bharat Sugar & Industries Ltd)
JSAW IN (Jindal Saw Ltd)
GJF IN (Gujarat Foils Ltd)
6595100Z IN (Connectwell Industries Pvt Ltd)
CFER IN (Cosmo Ferrites Ltd)

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