HALISTER1: INDIA RATINGS: Sail Cut; Greenlam, Varun Beverages Raised

INDIA RATINGS: Sail Cut; Greenlam, Varun Beverages Raised

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
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DOWNGRADES
  • Care Office Equipment
    • Long-term bank facilities cut to BB+ from BBB- at Care
    • Cites significant deterioration in operating profit margin
  • Dynamic CG Equipments
    • LT bank facilities cut to D from BB- at Care
    • Cites ongoing delays in debt servicing
  • Etco Denim
    • LT bank facilities cut to D from C at Care
    • Cites ongoing delays in debt servicing
  • Highway Industries
    • LT bank facilities cut to A from A+ at Crisil
    • Cites increasing debt, lower-than-expected cash generation from operations
  • Shiva Cement
    • LT bank facilities cut to D from BB at Care
    • Cites ongoing delay in debt servicing
  • Shivom Minerals
    • LT bank facilities raised to D from BB- at Care
    • Cites ongoing delays in debt servicing
  • Steel Authority of India
    • LT bond programme cut to AA from AA+ at Care
    • Cites lower-than-expected financial performance
  • Tirupur Textiles
    • LT bank facilities cut to C from B- at Crisil
    • Cites weak liquidity due to insufficient cash accruals
UPGRADES
  • Agroh Ratlam Tollways
    • LT bank facilities raised to A- from BBB(SO) at Care
    • Cites healthy toll collection
  • Continental Automotive
    • LT bank facilities raised to BBB+ from BBB- at Crisil
    • Cites improving scale of operations
  • Deligentia Energy
    • LT bank facilities raised to BBB from BBB- at Care
    • Cites satisfactory generation track record of more than one year, timely receipt of payments from off-taker
  • Eagle Infra
    • LT bank facilities cut to BBB+ from BBB at Care
    • Cites growth in scale of operations, improvement in profitability
  • Filtra Catalysts
    • LT bank facilities raised to A- from BBB+ at Crisil
    • Expects to benefit from improved business risk profile of parent Dorf Ketal Chemicals
  • Five-Star Business Finance
    • LT bank facilities raised to BBB+ from BBB at Care
    • Cites improvement in financial performance
  • Galaxy Transmissions
    • LT bank facilities raised to BBB- from BB+ at Crisil
    • Cites steady revenue growth, better profitability
  • Greenlam Industries
    • LT bank facilities raised to A+ from A at Care
    • Cites increase in total operating income, improvement in profitability
  • Khaya Solar Projects
    • Term loan raised to B- from C+ at ICRA
    • Cites improvement in liquidity profile
  • SLEC Infra Projects
    • LT bank facilities raised to BB from BB- at Care
    • Cites increase in total operating income, improved capital structure
  • The Ruby Mills
    • LT bank facilities raised to B from D at Crisil
    • Cites timely servicing of debt
  • Varun Beverages
    • LT bank facilities raised to A+ from A at Crisil
    • Expects group’s financial risk profile to remain strong over the medium-term
  • VKS Seopur Baroda Corridor
    • Find-based limits raised to BB+(SO) from BBB-(SO) at ICRA
    • Cites revision in rating of parent and corporate guarantor Vinod Kumar Shukla Constructions in favor of lenders
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
SAIL IN (Steel Authority of India Ltd)
VBL IN (Varun Beverages Ltd)
998552Z IN (Dorf Ketal Chemicals India Pvt Ltd)
0958461D IN (Five-Star Business Finance Ltd)
GRLM IN (Greenlam Industries Ltd)

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