HALISTER1: INDIA RATINGS: Jindal Steel Cut to D; Tanna Agro Raised

INDIA RATINGS: Jindal Steel Cut to D; Tanna Agro 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:
  • Aroma Realties
    • Long-term loan facilities cut to D from B+ at Crisil
    • Cites instances of delay in servicing debt due to weak liquidity
  • Bhagyalaxmi Brine Chem
    • LT loan facilities cut to D from B at Crisil
    • Cites instances of delay in servicing term debt
  • Divya Agro Roller
    • LT bank facilities cut to D from B+ at Care Ratings
    • Cites delay in commencement of commercial operations
  • Galaxy Construction
    • LT bank facilities cut to D from BB at Care Ratings
    • Cites irregularities in interest payments and overdrawals in cash credit account
  • Ind-Barath Energy (Utkal)
    • LT bank facilities cut to D from BB+ at Care Ratings
    • Cites delays in servicing debt obligations
  • Jaypee Healthcare
    • LT bank facilities cut to BB from BBB- at Care Ratings
    • Cites increase in debt levels, cost overrun on the recently commissioned hospital
  • Jindal Steel
    • LT loan facilities cut to D from BB+ at Crisil; NCDs also cut to D from BB+
    • Cites delays in payment of interest on term loans
  • Shree Krishna Buildcon
    • LT loan facilities cut to D from B at Crisil
    • Cites delays in servicing interest obligations for term loan
UPGRADES:
  • Calcutta Springs
    • LT loan facilities revised to BB from BB- at Crisil
    • Cites continued improvement in group’s financial risk profile
  • Tanna Agro Impex
    • Fund based limits revised to BBB from BBB- at ICRA
    • Cites improvement in profitability margins, debt coverage indicators
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
JSP IN (Jindal Steel & Power Ltd)
IBPL IN (Ind-Barath Power Infra Ltd)
JPIN IN (Jaypee Infratech Ltd)
0348529D IN (Tanna Agro Impex Pvt Ltd)

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