HALISTER1: INDIA RATINGS: Phenil, Senbo Cut; SPEL and Maanaveeya Upgraded

INDIA RATINGS: Phenil, Senbo Cut; SPEL and Maanaveeya Upgraded

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
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DOWNGRADES
  • Phenil Sugars
    • Long-term bank facilities cut to D from BB- at Care
    • Cites delay in repayment of debt obligations
  • Interjewel Designs
    • LT bank facilities cut to C from BB+ at Care
    • Cites delays in debt servicing
  • Senbo Engineering
    • LT bank facilities cut to D from B- at Crisil
    • Cites delays in interest payment, overdrawing in working capital limit
  • Speedcrafts/Phooltas Transrail
    • LT bank facilities cut to D from BB+ at Crisil
    • Cites cash credit facility in overdraw for >30 days due to weak liquidity at both borrowers
  • Surat Hazira NH-6 Tollway
    • LT bank facilities worth INR24b cut to D from B at Care
    • Cites delay in repayment of debt obligations
UPGRADES
  • Maanaveeya Development
    • LT bank facilities raised to BBB+ from BBB at Care
    • Cites significant improvement in asset quality
  • SPEL Semiconductor
    • LT bank facilities raised to C from D at Crisil
    • Cites improvement in group’s operating performance

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
SPICE IN (SPEL Semiconductor Ltd)
BJHS IN (Bajaj Hindusthan Sugar & Industries Ltd)
0910204D IN (Maanaveeya Development & Finance Pvt Ltd)
1023097D IN (Senbo Engineering Ltd)
6583404Z IN (Speedcrafts Ltd)

Topics
First Word Credit Asia
India Macro News

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