HALISTER1: INDIA RATINGS: Reliance Big TV Cut; Maithan, ATC Telecom Raised

INDIA RATINGS: Reliance Big TV Cut; Maithan, ATC Telecom Raised

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
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DOWNGRADES
  • Mars Plywood
    • Long-term bank facilities cut to D from B+ at Crisil
    • Cites irregularity in payment of interest in cash credit account
  • Reliance Communications Infrastructure
    • Short-term non fund-based bank facilities cut to A4(SO) from A2+(SO) at Care
    • Bank facilities of Reliance Big TV also reduced to BB(SO) from A-(So) at Care
    • Cites revision in credit rating of guarantor Reliance Communications
  • Trimex Sands
    • LT bank facilities cut to BBB- from BBB at Crisil
    • Cites deterioration in working capital management
  • Tulsiani Constructions
    • Term loan cut to D from B+ at ICRA
    • Cites delays in debt servicing
UPGRADES
  • Ahmedabad Maliya Tollway
    • LT bank facilities raised to BBB+ from BBB at Care
    • Cites improvement in toll revenue
  • ATC Telecom
    • LT bank facilities raised to AA- from A at Care
    • Cites significant improvement in overall credit profile post acquisition of majority stake by American Tower Corp.
  • Maithan Ispat
    • LT bank facilities raised to BB-(SO) from B(SO) at Care
    • Cites improvement in operational, financial performance
  • Pacifica (India) Projects
    • LT bank facilities raised to BBB+ from BBB at Crisil
    • Cites sharp increase in sales

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
RCOM IN (Reliance Communications Ltd)
LT IN (Larsen & Toubro Ltd)
1232236D IN (Mars Plywood Industries Pvt Ltd)
1283589D IN (Mesco Steel Pvt Ltd)
47588Z IN (Tata Sons Ltd)

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