HALISTER1: INDIA RATINGS: Ruchi Infrastructure Cut; Iworld Business Raised

INDIA RATINGS: Ruchi Infrastructure Cut; Iworld Business Raised

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
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DOWNGRADES
  • Kesar Multimodal Logistics
    • Term loan cut to BB+(SO) from BBB-(SO) at Care
    • Cites delay in commencement of project
  • Ruchi Infrastructure
    • Short-term bank facilities cut to D from A2 at Care
    • Cites delays in servicing of debt obligations
  • Zenith Metaplast
    • Long-term bank facilities cut to BB- from BB at Care
    • Cites losses, deterioration in debt coverage indicators
UPGRADE
  • Iworld Business Solutions
    • LT bank facilities raised to BBB+ from BBB at Crisil
    • Cites healthy growth of the principal, Apple Inc. in the Indian market, and increasing demand and purchasing power of urban consumers
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
CLFL IN (Ruchi Infrastructure Ltd)
KTIL IN (Kesar Terminals & Infrastructure Ltd)
0667167D IN (Zenith Metaplast Pvt Ltd)

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