HALISTER1: INDIA RATINGS: Prakash Steelage Cut to D; RPG Life Raised

INDIA RATINGS: Prakash Steelage Cut to D; RPG Life Raised

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
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DOWNGRADES
  • Prakash Steelage
    • Long-term bank facilities cut to D from BBB+ at Care
    • Cites delays in meeting debt obligations
UPGRADES
  • Bharat Biotech
    • Cash credit raised to A from A- at ICRA
    • Cites healthy growth in operating income, profits
  • Kirloskar Ferrous
    • LT loan facilities raised to AA- from A+ at Crisil
    • Cites improvement in liquidity following repayment of majority of its LT debt
  • RPG Life Sciences
    • LT fund-based facilities raised to A- from BBB+ at ICRA
    • Cites ramp up in domestic, exports formulations businesses
  • Saurav Chemicals
    • LT bank facilities raised to BBB+ from BBB at Care
    • Cites healthy scale-up of operations, improved profitability margins, improvement in overall solvency position
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
PKSL IN (Prakash Steelage Ltd)
RPGL IN (RPG Life Sciences Ltd)
7535940Z IN (Bharat Biotech International Ltd)
KKF IN (Kirloskar Ferrous Industries Ltd)
6590012Z IN (Saurav Chemicals Ltd)

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