HALISTER1: INDIA RATINGS: KAIL Cut; PI Industries, Ramco Cements Raised

INDIA RATINGS: KAIL Cut; PI Industries, Ramco Cements Raised

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
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DOWNGRADES
  • IB Commercial
    • Long-term loan facilities cut to D from B+ at Crisil
    • Cites weak debt protection metrics, stretched liquidity amid large debt obligation
  • KAIL
    • Term loan cut to BB+(SO) from A(SO) at Care
    • LT bank facilities of Millennium Appliances also cut to BB+(SO) from A(SO) at Care
    • Cites revision in credit rating of guarantor Videocon
  • Sky Appliances
    • Term loan cut to BB+(SO) from A(SO) at Care
    • LT bank facilities of Century Appliances cut to BB+ from BBB at Care
    • Cites operational linkage, financial support from Videocon
UPGRADES
  • Balaji Machine Works
    • LT loan facilities raised to BB from BB- at Crisil
    • Cites sustained ramp-up in operations, increased diversification
  • PI Industries
    • LT loan facilities raised to AA from AA- at Crisil
    • Cites strong mkt position, healthy revenue visibility
  • Ramco Cements
    • NCDs and term loans raised to AA+ from AA at ICRA
    • Cites strong growth in earnings from operations, improvement in capital structure and liquidity profile
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
PI IN (PI Industries Ltd)
TRCL IN (Ramco Cements Ltd/The)
1018907D IN (Century Appliances Ltd)
9255885Z IN (Kail Ltd)
1263624D IN (Millennium Appliances India Ltd)

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