HALISTER1: INDIA RATINGS: Orient Craft, DGP Steel Cut; Aspire Home Raised

INDIA RATINGS: Orient Craft, DGP Steel Cut; Aspire Home Raised

(Bloomberg) -- Here’s a roundup of debt rating changes of Indian cos. To get this story sent to your inbox in real-time, run NI INRATINGS , click on Display & Edit, then Set Alert Delivery. DOWNGRADES:
  • DGP Steel Star Engineering
    • Long-term loan facilities cut to D from B- at Crisil
    • Cites delays in servicing of term debt
  • Ghatge Patil Industries
    • LT bank facilities cut to BBB- from BBB at Care
    • Cites higher-than-expected decline in total operating income during April-Dec. period due to subdued sales momentum
  • GNRC
    • LT loan facilities cut to BB- from BB+ at Crisil
    • Cites decline in profitability
  • Orient Craft
    • LT loan facilities cut to BBB from BBB+ at Crisil
    • Cites lower-than-expected profitability, high debt levels
  • Sri Nangali Rice Mills
    • LT loan facilities cut to D from BB- at Crisil
    • Cites delays in servicing bank debt
UPGRADES:
  • Aspire Home Finance
    • NCDs revised to AA- from A+ at ICRA
    • Cites scale up in business, more visibility on generating sustainable earnings
  • Shri Prabhulingeshwar Sugars
    • Term loans revised to C+ from D at ICRA
    • Cites timely servicing of debt obligations over last 12 mos.
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
6588396Z IN (Ghatge Patil Industries Ltd)
MOFS IN (Motilal Oswal Financial Services Ltd)
6595476Z IN (Orient Craft Ltd)
1019828D IN (Shri Prabhulingeshwar Sugars & Chemicals Ltd)

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