HALISTER1: INDIA RATINGS: Muthoot Fincorp Cut; Dhoot Transmission Raised

INDIA RATINGS: Muthoot Fincorp Cut; Dhoot Transmission Raised

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
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DOWNGRADES
  • Muthoot Fincorp
    • Long-term bank facilities cut to A- from A at Crisil; NCDs also cut to A- from A
    • Cites leveraging of balance sheet to acquire real estate properties from a partnership firm owned by Muthoot Pappachan Group
  • Sai Wardha Power
    • LT bank facilities cut to D from BB+ at Care
    • Cites delays in servicing debt obligation
  • Sohrab Spinning Mills
    • LT bank facilities cut to D from B at Crisil
    • Cites instances of delay in servicing term debt
UPGRADES
  • Dhoot Transmission
    • LT bank facilities raised to A- from BBB+ at Care
    • Cites continuous growth in scale of operations
  • Sudarshan Jeans
    • LT bank facilities raised to BBB+ from BBB- at Care
    • Cites healthy scale-up of operations
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
8232702Z IN (Muthoot Fincorp Ltd)
9770321Z IN (Dhoot Transmission Pvt Ltd)
0991195D IN (Sohrab Spinning Mills Ltd)

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