HALISTER1: INDIA RATINGS: RHC Holding Cut to D; Alembic, MB Power Raised

INDIA RATINGS: RHC Holding Cut to D; Alembic, MB Power Raised

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
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DOWNGRADES
  • Ashiana Landcraft Realty
    • NCDs cut to D from BB (SO) at Care
    • Cites ongoing delays in interest servicing
  • Dharani Sugars
    • Term debt cut to D from B- at Care
    • Cites delays in servicing term debt due to tight liquidity position
  • Fortis Healthcare Holdings
    • NCDs cut to BBB+ from A at ICRA
    • Cites high exposure of promoter holding companies to refinancing risk due to slow pace of deleveraging
  • Intec Capital
    • Long-term bank facilities cut to BB from BBB- at Crisil
    • Cites continuing stress in asset quality
  • Oscar Investments
    • NCDs, LT bank loan cut to C from A at India Ratings
    • Cites revision in ratings of RHC Holdings and company’s linkage to it
  • Mahalaxmi TMT
    • LT bank facilities cut to D from B at Care
    • Cites ongoing delays in servicing of debt obligations
  • Religare Enterprises
    • Senior, secured NCDs cut to A from AA- at India Ratings
    • Cites revision in ratings of principal operating subsidiary, Religare Finvest
  • Religare Finvest
    • LT debt program cut to A+ from AA- at ICRA
    • Cites deterioration in financial flexibility of the company due to challenges on incremental funding, delays in winding down of corporate loan book
  • Religare Housing
    • NCDs cut to A+ from AA- at ICRA
    • Cites rating revision in parent Religare Finvest
  • RHC Holding
    • LT NCDs cut to D from A at India Ratings
    • Cites default in servicing coupon obligations
  • Shree Rajasthan Syntex
    • LT bank facilities cut to D from BB- at Care
    • Cites on-going delays in debt servicing
  • Sicagen India
    • LT bank facilities cut to BBB- from BBB at Crisil
    • Cites pressure on operating profitability
  • Suzuki Textiles
    • LT bank facilities cut to D from C at Care
    • Cites ongoing delays in debt servicing
UPGRADES
  • Alembic Pharmaceuticals
    • LT bank facilities raised to AA+ from AA at Crisil
    • Cites increased focus on U.S. market
  • Ascend Telecom
    • Fund-based facilities raised to BBB from BBB- at ICRA
    • Cites improvement in tenancy growth
  • Bharat Hotels
    • LT bank facilities raised to BBB- from BB+ at Care
    • Cites improved occupancy levels
  • Gobind Sugar Mills
    • LT bank facilities raised to BBB- from BB+ at Care
    • Cites improved operational performance
  • Home First Finance
    • LT bank facilities raised to A from A- at Care
    • Cites capital infusion from True North, thereby improving capitalization levels
  • Joyalukkas India
    • LT bank facilities raised to A from A- at Crisil
    • Cites healthy revenue growth
  • MB Power
    • Term loan raised to BB+ from D at Care
    • Cites delay free track record of debt servicing, partial receipt of insurance proceeds aiding cash flow position
  • Mythri Infra
    • LT bank facilities raised to BB+ from BB- at Crisil
    • Cites strong cash accruals over medium term

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
ALBC IN (Alembic Ltd)
ALPM IN (Alembic Pharmaceuticals Ltd)
DSC IN (Dharani Sugars & Chemicals)
ICL IN (Intec Capital Ltd)
1249248D IN (Ascend Telecom Infrastructure Pvt Ltd)

Topics
First Word Credit Asia

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