HALISTER1: INDIA RATINGS: Kirloskar Electric Cut; Jawandsons Raised

INDIA RATINGS: Kirloskar Electric Cut; Jawandsons Raised

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
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DOWNGRADES
  • Janta Land Promoters
    • Term loan cut to D from BBB at ICRA
    • Cites irregularities in debt servicing
  • Kirloskar Electric
    • Cash credit cut to D from B+ at Care
    • Cites overdrawals in cash credit limits for more than 30 days
  • Sai Shipping
    • Long-term bank facilities cut to D from B+ at Crisil
    • Cites delays in repayment in term loans
UPGRADES
  • Jawandsons
    • LT bank facilities raised to BBB from BBB- at Crisil
    • Cites steady revenue growth, stable profitability
  • Levita Granito
    • LT bank facilities raised to BB- from B+ at Crisil
    • Cites timely commencement of commercial operations with no major cost overrun for its project
  • Maa Kali Alloys
    • LT bank facilities raised to BB- from D at Crisil
    • Cites timely servicing of debt
  • Rainbow Children’s Medicare
    • NCDs raised to A+ from A at ICRA
    • Cites significant improvement in operating income

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
KECL IN (Kirloskar Electric Co Ltd)
6590220Z IN (Jawandsons)

Topics
First Word Credit Asia
India Macro News

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