HALISTER1: INDIA RATINGS: Jindal Steel, Sai Wardha Cut; Agropure Raised

INDIA RATINGS: Jindal Steel, Sai Wardha Cut; Agropure 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:
  • Alam Tannery
    • Long-term loan facilities cut to D from B+ at Crisil
    • Cites instances of devolvement of co’s letters of credit due to stretched liquidity
  • Dhroov Resorts
    • LT bank facilities cut to D from B at Care
    • Cites ongoing delays in servicing of debt obligations
  • Four Star International
    • LT loan facilities cut to BB- from BB at Crisil
    • Cites deterioration in group’s financial flexibility and liquidity with continued increase in investments
  • Furnace Fabrica
    • LT loan facilities cut to BBB from BBB+ at Crisil
    • Cites subdued capex scenario in oil and steel sectors in domestic, international mkts
  • Hans Industries
    • Cash credit cut to B+ from BB at ICRA
    • Cites continuous fall in steel prices
  • Jagannath Textile
    • LT loan facilities cut to D from B- at Crisil
    • Cites overdrawn working capital facilities, delays in meeting principal obligation on term loans
  • Jindal Steel & Power
    • LT bank facilities cut to D from BB+ at Care; NCDs also cut to D from BB+
    • Cites delays in debt servicing
  • Lingaya’s Society
    • LT loan facilities cut to D from B at Crisil
    • Cites recent delays in servicing term loan
  • M.E. Infra Projects
    • LT loan facilities cut to BB+ from BBB- at Crisil
    • Cites weaker-than-expected performance due to slow pace of contract execution, stretch in working capital cycle
  • Sai Wardha Power
    • LT bank facilities cut to BB+ from BBB- at Care
    • Cites significant decline in operational performance
  • Unichem Trading
    • LT loan facilities cut to D from BB at Crisil
    • Cites delays in servicing term loan
UPGRADES:
  • Agropure Capital Foods
    • LT bank facilities revised to BB+ from BB at Care
    • Cites significant increase in scale of operations
  • Birbhum Chemicals
    • LT bank facilities revised to A- from BBB+ at Care
    • Cites consistent increase in scale of operations
  • Pallishree
    • LT bank facilities revised to A- from BBB+ at Care
    • Cites consistent increase in scale of operations
  • R.S. Triveni Foods
    • LT bank facilities revised to BB+ from BB at Care
    • Cites significant increase in scale of operations, improved capital structure
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
JSP IN (Jindal Steel & Power Ltd)
0532193D IN (Four Star International Ltd)
7745604Z IN (Furnace Fabrica India Ltd)
9536458Z IN (Jagannath Textile Co Ltd)

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