HALISTER1: INDIA RATINGS: JK Cement Raised; MGM Realtors Reduced to D

INDIA RATINGS: JK Cement Raised; MGM Realtors Reduced to D

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
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UPGRADES
  • Asian Hotels (North)
    • Long-term bank facilities raised to BBB- from BB at Care
    • Cites improved operational performance
  • JK Cement
    • LT bank facilities, NCDs raised to AA from AA- at Care
    • Cites improvement in financial performance
  • JK Cement Works
    • LT bank facilities raised to AA(SO) from AA-(SO) at Care
    • Cites revision in rating of corporate guarantor JK Cement
  • Laxmi Organic
    • LT bank facilities raised to A- from BBB+ at Crisil
    • Expects improvement in operating performance to sustain over medium term
  • Nithin Textiles
    • LT bank facilities raised to BBB+ from BBB- at Crisil
    • Cites healthy growth in revenues
  • Sangrur Agro
    • LT bank facilities raised to BBB from BBB- at Crisil
    • Cites sustained improvement in business, financial risk profiles over medium term
  • Sri Saravana Spinning Mills
    • LT bank facilities raised to A- from BBB+ at Crisil
    • Cites healthy growth in revenues
DOWNGRADE
  • MGM Realtors
    • NCDs maturing Jan. 2019 and Feb. 2020 cut to D from B at Brickwork
    • Cites weak liquidity position impacting company’s ability to timely service debt obligation

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
JKCE IN (JK Cement Ltd)
AHOT IN (Asian Hotels North Ltd)
7176445Z IN (Laxmi Organic Industries Ltd)
1367679D IN (Mgm Realtors Pvt Ltd)
1263786D IN (Nithin Textiles Pvt Ltd)

Topics
First Word Credit Asia
India Macro News

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