HALISTER1: INDIA RATINGS: Nirmal Lifestyle, SJP Cut; Sova Ispat Raised

INDIA RATINGS: Nirmal Lifestyle, SJP Cut; Sova Ispat Raised

(Bloomberg) -- Here’s a roundup of debt-rating changes of Indian cos.
  • To get this story sent to your inbox real-time, run {NI INRATINGS }, click on Display & Edit, then Set Alert Delivery
DOWNGRADES
  • Abhinav Steels
    • LT bank facilities cut to D from B+ at Care
    • Cites ongoing delays in servicing of debt obligations
  • Fucon Technologies
    • LT loan facilities cut to D from C at Crisil
    • Cites delays in servicing debt due to weak liquidity
  • Maharaja Agro Foods
    • LT loan facilities cut to B from BB- at Crisil
    • Expects liquidity to remain stretched
  • Nirmal Lifestyle
    • NCDs cut to B+(SO) from BB+(SO) at Crisil
    • Cites delay in launch of residency project by >15 mos
  • SJP Infracon
    • LT loan facilities cut to D from B at Crisil
    • Cites significant delays in servicing debt obligations
  • Three M Paper
    • LT bank facilities cut to BB+ from BBB- at Care
    • Cites decline in profitability
UPGRADES
  • Bindals Papers Mills
    • LT bank facilities raised to C from D at Care
    • Cites improvement in debt servicing track record
  • Greta Energy
    • Term loans raised to BB from BB- at ICRA
    • Cites improvement in operational profile
  • Patel Bridge Nirman
    • LT bank facilities raised to A from A- at Care
    • Cites successful operational track record of nearly 2 yrs of its annuity based rail over bridge
  • Shyam Steel
    • LT bank facilities raised to BBB+ from BBB at Care
    • Cites improvement in profitability margins, operating cycle, capital structure
  • Sova Ispat
    • LT bank facilities raised to BBB+(SO) from BBB(SO) at Care
    • Cites credit enhancement in the form of corporate guarantee by Shyam Steel Industries
  • Vetrivel Explosives
    • LT loan facilities raised to BB- from B+ at Crisil
    • Cites increase in operating revenue
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
7564772Z IN (Nirmal Lifestyle Ltd)
3866853Z IN (Shyam Steel Industries Ltd)
0691208D IN (Sova Ispat Ltd)
9255901Z IN (Three M Paper Manufacturing Co Pvt Ltd)

To de-activate this alert, click here

UUID: 7947283