HALISTER1: INDIA RATINGS: Rahee Cut; GMR Hyderabad, SE Forge Raised

INDIA RATINGS: Rahee Cut; GMR Hyderabad, SE Forge Raised

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
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DOWNGRADES
  • Rahee Infratech
    • Long-term bank facilities cut to D from B- at Crisil
    • Cites instances of devolvement of letter of credit
UPGRADES
  • Adarsha Automotives
    • Fund-based limits raised to BB from BB- at ICRA
    • Cites significant increase in operating income
  • GMR Hyderabad International
    • Term loans raised to AA- from A+ at ICRA
    • Cites healthy growth in passenger traffic
  • Kapu Gems
    • LT bank facilities raised to A from A- at Crisil
    • Cites efficient working capital management, adequate liquidity
  • SE Forge
    • LT bank facilities raised to BBB from BBB- at Care
    • Cites continuous improvement in operational, financial performance
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
GMRI IN (GMR Infrastructure Ltd)
9857162Z IN (Rahee Infratech Ltd)
SUEL IN (Suzlon Energy Ltd)

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