HALISTER1: INDIA RATINGS: Mandhana, STCI Finance Cut; Abhitex Raised

INDIA RATINGS: Mandhana, STCI Finance Cut; Abhitex Raised

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
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DOWNGRADES
  • Mandhana Industries
    • Long-term bank facilities cut to D from BBB+ at Care; NCDs cut to C from BBB+
    • Cites delays in servicing debt obligations
  • STCI Finance
    • NCDs cut to AA- from AA at Care
    • Cites deterioration in credit profile, rating downgrade of its largest shareholder Bank of India
UPGRADES
  • Paliwal Infrastructure
    • Term loans increased to BBB+ from BBB at ICRA
    • Cash credit of Abhitex International, part of the same group, also raised to BBB+ from BBB at ICRA
    • Cites reduction in debt levels, steady profitability
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
MNDN IN (Mandhana Industries Ltd)
BOI IN (Bank of India)
6587976Z IN (Abhitex International)
1217Z IN (STCI Finance Ltd)

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