HALISTER1: INDIA RATINGS: Jyoti Steel Cut; Nayak Infrastructure Raised

INDIA RATINGS: Jyoti Steel Cut; Nayak Infrastructure Raised

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
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DOWNGRADES
  • Jyoti Steel
    • Long-term bank facilities cut to B from B+ at Crisil
    • Cites stretch in liquidity due to large working capital requirement
  • Rajendra Ispat
    • LT bank facilities cut to B+ from BB- at Crisil
    • Cites lower-than-expected scale of operations, profitability
UPGRADES
  • Akash Ceramics
    • LT bank facilities raised to BB from BB- at Crisil
    • Cites improvement in liquidity due to high operating margin
  • Dinman Polypacks
    • LT bank facilities raised to BB+ from BB- at Crisil
    • Cites increase in scale, better profitability and capital structure
  • Nayak Infrastructure
    • LT bank facilities raised to BBB from BBB- at Crisil
    • Cites increase in revenue while sustaining profitability and working capital cycle
  • Raj Chopra & Company
    • LT bank facilities raised to BBB+ from BBB- at Crisil
    • Cites more-than-expected growth in revenue

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
1010870D IN (Akash Ceramics Pvt Ltd)
9770505Z IN (Jyoti Steel Industries)
0881128D IN (Nayak Infrastructure Pvt Ltd)

Topics
Emerging Mkts News, Analysis

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