HALISTER1: INDIA RATINGS: Muthoottu Mini, United Corp Cut; HIKAL Raised

INDIA RATINGS: Muthoottu Mini, United Corp Cut; HIKAL Raised

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
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DOWNGRADES
  • Muthoottu Mini Financiers
    • Long-term bank facilities cut to BB+ from BBB- at CARE
    • Cites investment in fixed assets that aren’t linked to core business, moderation of asset quality and profitability in FY16
  • United Corp
    • Long-term rating cut to D from BB- at Crisil
    • Cites liquidity crunch, which led to cash flow mismatch for company
UPGRADES
  • HIKAL Ltd.
    • Long-term loans raised to BBB+ from BBB at ICRA
    • Cites strong product profile including pending launch for both proprietary as well as contract manufacturing molecules, relationships with international pharma and agro-chemical firms and market position for Gabapentin business
  • JM Financial Asset Reconstruction Co.
    • Long-term bank lines raised to AA- from A+ at ICRA
    • Cites increase in shareholding by JM Financial Ltd
  • Padmashree Inc.
    • Long-term fund based limits raised to BB- from B+ at ICRA
    • Cites better-than-expected results in FY16
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
HKCI IN (Hikal Ltd)
UTDC US (United Corp)

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