HALISTER1: INDIA RATINGS: Mercator Cut; CEAT, Motherson Sumi, NOCIL Raised

INDIA RATINGS: Mercator Cut; CEAT, Motherson Sumi, NOCIL Raised

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
  • To get this story sent to your inbox real-time, run NI INRATINGS , click on Display & Edit, then Set Alert Delivery
DOWNGRADE
  • Burnpur Cement
    • Long-term bank facilities cut to D from BB- at Crisil
    • Cites recent delays in meeting debt obligations
  • Gujarat State Petroleum
    • LT bank facilities cut to A+ from AA at Care
    • Cites continuous delay in commencement of commercial production of gas from its Deen Dayal West block in KG basin
  • Mercator
    • LT bank facilities cut to BBB from A- at Care
    • Cites significant adverse impact on financial performance, deterioration in capital structure
  • Rajasthan Antibiotics
    • LT bank facilities cut to BBB- from BBB at Care
    • Cites consistent decline in operating income
UPGRADES
  • CEAT
    • LT bank facilities raised to AA from AA- at Care
    • Cites strong cash accruals, in turn further improving capital structure
  • Ecoplus Steels
    • LT bank facilities raised to BB from BB- at Care
    • Cites commencement of operations of steel plant
  • Grauer & Weil
    • LT bank facilities raised to AA- from A+ at Care
    • Cites consistent improvement in operational performance
  • Jayshree Builders
    • Term loan raised to B- from D at ICRA
    • Cites regularization of debt servicing by the firm during the last six months
  • Leopard Vitrified
    • LT bank facilities raised to BB from BB- at Care
    • Cites ahead of schedule commissioning of green field project
  • Mother Dairy Fruit
    • LT bank facilities raised to AAA from AA+ at Care
    • Cites higher profitability margins, improved capital structure
  • Motherson Sumi
    • LT bank facilities raised to AA from AA- at Crisil
    • Cites recent equity issuances amounting to INR25.5b will enable the group to manage its balance sheet more comfortably
  • NOCIL
    • LT bank facilities raised to AA from AA- at Care
    • Cites consistent improvement in operational performance
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
CEAT IN (Ceat Ltd)
MRLN IN (Mercator Ltd)
MSS IN (Motherson Sumi Systems Ltd)
NOCIL IN (NOCIL Ltd)
BPUR IN (Burnpur Cement Ltd)

To de-activate this alert, click here

UUID: 7947283