HALISTER1: INDIA RATINGS: L&T Special Cut; Sportking, Vardhman Raised

INDIA RATINGS: L&T Special Cut; Sportking, Vardhman Raised

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
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DOWNGRADES
  • Joonktollee Tea
    • Long-term bank facilities cut to BB+ from BBB- at Crisil
    • Expects business risk profile to remain constrained over the medium term due to operating losses
  • L&T Special Steels
    • LT bank facilities cut to A from A+ at Crisil
    • Cites longer-than-expected delay in proposed equity infusion
UPGRADES
  • CIS Bureaus Facility
    • LT bank facilities raised to BBB+ from BBB at Crisil
    • Cites increasing revenue
  • Cura Health Care
    • LT bank facilities raised to BBB- from BB+ at Crisil
    • Cites healthy revenue growth
  • Global Autotech
    • LT bank facilities raised to BBB+ from BBB at Crisil
    • Cites healthy growth in operating income
  • Hotel Hans
    • LT bank facilities raised to BBB- from BB+ at Crisil
    • Cites improvement in the company’s business risk profile due to its deal with a Japanese construction co. for assured sale of rooms during peak and non-peak seasons
  • Sportking India
    • LT bank facilities raised to BBB+ from BBB at ICRA
    • Cites steady surplus cash accrual, which has improved liquidity profile
  • Vardhman Textiles
    • LT bank facilities raised to AA+ from AA at Crisil
    • Expects group’s operating performance to remain strong due to its market position in textiles sector
  • VMT Spinning
    • LT bank facilities raised to AA from AA- at Crisil
    • Cites strong managerial, financial support from parent

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
VTEX IN (Vardhman Textiles Ltd)
JTIL IN (Joonktollee Tea & Industries Ltd)
7746116Z IN (Global Autotech Ltd/India)
0286068D IN (Hotel Hans Pvt Ltd)
LT IN (Larsen & Toubro Ltd)

Topics
BFW Asia Credit News

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