HALISTER1: INDIA RATINGS: Prakash Steelage Cut to D; PVR Raised

INDIA RATINGS: Prakash Steelage Cut to D; PVR Raised

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
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DOWNGRADES
  • Dharmraj Aluminium
    • Long-term loan facilities cut to D from BB- at Crisil
    • Cites instances of overdrawn cash credit facility for >30 consecutive days
  • Prakash Steelage
    • LT loan facilities cut to D from BBB at Crisil
    • Cites unanticipated, unprecedented deterioration in credit profile
  • PSN Motors
    • LT loan facilities cut to D from B at Crisil
    • Cites overdrawn working capital facilities
UPGRADES
  • PVR
    • LT loan facilities raised to AA- from A+ at Crisil
    • Expects improvement in financial risk profile to sustain over the medium term due to sizeable scale, strong mkt position in the film exhibition industry
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
PVRL IN (PVR Ltd)
PKSL IN (Prakash Steelage Ltd)

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