HALISTER1: INDIA RATINGS: Nissan Ashok, Tega Cut; Uttam Sugar Raised

INDIA RATINGS: Nissan Ashok, Tega Cut; Uttam Sugar Raised

(Bloomberg) -- Here’s a roundup of debt-rating changes of Indian cos.
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DOWNGRADES
  • Ashok Leyland Nissan Vehicles
    • Long-term bank facilities cut to BBB- from A at Care
    • LT bank facilities of Nissan Ashok Leyland Powertrain also cut to BBB- from A at Care
    • Cites loss making operations
  • NTS Dairy
    • LT loan facilities cut to D from B+ at Crisil
    • Cites delay in payment of term loan installment
  • Oyster Steel
    • LT loan facilities cut to B+ from BB- at Crisil
    • Expects liquidity to deteriorate over the medium term
  • Parikh Investment
    • LT loan facilities cut to D from B+ at Crisil
    • Cites delay in servicing debt
  • Shraddha Energy
    • LT bank facilities cut to BB+ from BBB- at Care
    • Cites deterioration in financial risk profile
  • Solutrean Building
    • LT bank facilities cut to BB- from BB at Care
    • Cites low level of collections
  • Swati Energy
    • LT loan facilities cut to BB- from BB+ at Crisil
    • Cites decline in scale of operations
  • Tega Industries
    • LT loan facilities cut to A- from A at Crisil
    • Expects group’s business risk profile to remain constrained over the medium term
UPGRADES
  • Bunge India
    • LT loan facilities raised to A+ from A at Crisil
    • Expects business risk profile to improve over the medium term from continued focus on foods business
  • Solitaire Energies
    • LT bank facilities raised to BBB+ from BBB at Care
    • Cites stable generation levels
  • Sapphire Industrial
    • LT bank facilities raised to BBB- from BB+ at Care
    • Cites improvement in collection cycle
  • Uttam Sugar Mills
    • LT bank facilities raised to C from D at Care
    • Cites improved liquidity profile
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
7201 JP (Nissan Motor Co Ltd)
6597380Z IN (Tega Industries Ltd)
UTSM IN (Uttam Sugar Mills Ltd)
BG US (Bunge Ltd)

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