HALISTER1: INDIA RATINGS: Lakshmi Float Glass Cut; Panacea Biotec Raised

INDIA RATINGS: Lakshmi Float Glass Cut; Panacea Biotec Raised

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
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DOWNGRADES
  • Lakshmi Float Glass
    • Long term rating cut to BB+ from BBB- at Crisil
    • Cites expectation that financial risk profile, particularly liquidity, will remain constrained over medium term
  • Manaj Tollway
    • LT rating cut to BBB+(SO) from A-(SO) at Care
    • Cites subdued operating performance in FY16 resulting in weakening of debt protection indicators
UPGRADES
  • Goyal Energy & Steel
    • LT rating raised to BB+ from BB at Care
    • Cites improvement in financial performance in FY16 and 1QFY17 successful commissioning of project
  • Panacea Biotec
    • LT rating raised to B+ from B- at Care
    • Cites improved liquidity profile due to relisting of co.’s vaccines by WHO
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
MUTH IN (Muthoot Finance Ltd)
PNCB IN (Panacea Biotec Ltd)
ARVND IN (Arvind Ltd)
9770841Z IN (Maxop Engineering Co Pvt Ltd)

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