HALISTER1: INDIA RATINGS: Kaithal Tollway, Navayuga Engineering Raised

INDIA RATINGS: Kaithal Tollway, Navayuga Engineering Raised

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
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UPGRADES
  • GRG Cotspin
    • Long-term bank facilities raised to A- from BBB+ at Care
    • Cites product off-take arrangement with Welspun India at prevalent market price
  • Kaithal Tollway
    • Senior project bank loan raised to A+(SO) from A-(SO) at India Ratings
    • Cites improvement in credit profile of guarantor IRB Infrastructure
  • Kutti Spinners
    • LT bank facilities raised to BB- from B at Crisil
    • Cites moderate revenue growth, healthy operating profitability
  • M.D. Inducto Cast
    • LT bank facilities raised to BB+ from BB at Crisil
    • Cites healthy financial risk profile
  • Navayuga Engineering
    • LT bank facilities raised to A from A- at Care
    • Cites robust, diversified order book position
  • Siliguri Builders
    • LT bank facilities raised to BB from BB- at Crisil
    • Cites improvement in scale of operations
  • Tirth Agro Technology
    • LT bank facilities raised to A- from BBB+ at Crisil
    • Expects business risk profile to improve with its product mix, increasing geographical footprints

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
IRB IN (IRB Infrastructure Developers Ltd)
MDIC IN (M D Inducto Cast Ltd)
1413025D IN (Navayuga Group)
9600063Z IN (Tirth Agro Technology Pvt Ltd)

Topics
First Word Credit Asia
India Macro News

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