HALISTER1: INDIA RATINGS: Kamineni Cut to D; Haldia Petrochemicals Raised

INDIA RATINGS: Kamineni Cut to D; Haldia Petrochemicals 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:
  • Chhattisgarh Steel
    • Long-term bank facilities cut to D from B+ at Care Ratings
    • Cites ongoing delay in servicing debt obligations
  • D C Metals
    • LT loan facilities cut to D from B at Crisil
    • Cites “continuously overdrawn” bank limits
  • Kamineni Steel
    • LT bank facilities cut to D from BB- at Care Ratings
    • LT bank facilities of Kamineni Health also cut to D from BB at Care Ratings
    • Cites delays in debt servicing
  • Inesh Realtors
    • NCDs cut to BB from BB+ at Crisil
    • Cites slower-than-expected implementation of project
  • Sathya Lifestyle
    • LT bank facilities cut to D from BB at Care Ratings
    • Cites delay in debt servicing
UPGRADES:
  • Ashutosh Container
    • Find based limits revised to BBB from BBB- at ICRA
    • Cites “significant improvement” in capital structure due to pre-payment of a large portion of term debt
  • Coastal Marine Construction
    • Fund based limits revised to A+ from A at ICRA
    • Cites healthy inflow of orders in past fiscal yr
  • Haldia Petrochemicals
    • LT bank facilities revised to BBB from BBB- at Care Ratings
    • Cites improvement in financial performance, liquidity position in first 10 mos. of FY16
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
6590436Z IN (Coastal Marine Construction & Engineering Ltd)
1117Z IN (Haldia Petrochemicals Ltd)
1008764D IN (Inesh Realtors Pvt Ltd)

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