HALISTER1: INDIA RATINGS: Real Value Ventures, PEC Cut; APL Apollo Raised

INDIA RATINGS: Real Value Ventures, PEC Cut; APL Apollo Raised

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
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DOWNGRADES
  • Butterfly Gandhimathi Appliances
    • Long-term bank facilities cut to BBB from BBB+ at Crisil
    • Cites deterioration in business, financial risk profile due to constrained operating performance
  • GVRMP Whagdhari Ribbanpally Tollways
    • Fund-based term loan cut to BB from BBB-(SO) from BB at Brickwork
    • Cites mismatch in cash flows causing liquidity problems
  • PEC
    • Fund-based working capital facilities cut to BBB- from BBB at India Ratings
    • Cites weakening in liquidity due to loss-making operations
  • Real Value Ventures
    • NCDs cut to B+ from BB- at Care
    • Cites delay in commencement of proposed residential real-estate project
  • Shree Ganesh Metaliks
    • LT bank facilities cut to D from B- at Crisil
    • Cites delays in interest payment, repayment in term loan
UPGRADES
  • APL Apollo Tubes
    • Cash credit limits, term loans raised to AA- from A+ at ICRA
    • Cites healthy growth in manufacturing income
  • Jaya Hind
    • LT bank facilities raised to A+ from A at Crisil
    • Cites ramping-up of operations
  • Mantena Constructions
    • LT bank facilities raised to A- from BBB at Care
    • Cites growth in total income, improved profitability margins
  • Pinnacle Life Science
    • LT bank facilities raised to A- from BBB+ at Crisil
    • Cites steady revenue growth, better profitability

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
BGAL IN (Butterfly Gandhimathi Appliances Ltd)
APAT IN (APL Apollo Tubes Ltd)
0810686D IN (GVRMP Whagdhari Ribbanpally Tollway Pvt Ltd)
7172417Z IN (Jaya Hind Industries Ltd)
9264393Z IN (Real Value Promoters Pvt Ltd)

Topics
First Word Credit Asia
India Macro News

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