HALISTER1: INDIA RATINGS: Setco Automotive Lowered; Mercator, GHCL Raised

INDIA RATINGS: Setco Automotive Lowered; Mercator, GHCL Raised

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
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DOWNGRADES
  • Lava Cast
    • Term loan cut to BBB-(SO) from BBB(SO) at Care
    • Cites revision in ratings of corporate guarantor Setco Automotive
  • Lotus Construction
    • Long-term bank facilities cut to BB+ from BBB- at Crisil
    • Cites significant decline in scale of operations
  • Rajvir Industries
    • LT bank facilities cut to D from B- at Care
    • Cites delays in debt servicing
  • Setco Automotive
    • LT fund-based facilities cut to BBB- from BBB at Care
    • Cites flat revenue, decline in operating profit margins and net losses
  • Sushee Infra
    • Fund-based working capital facilities cut to BBB+ from A- at India Ratings
    • Cites significant refinancing risk
UPGRADES
  • Avanti Feeds
    • Fund-based working capital facilities raised to AA- from A+ at India Ratings
    • Cites increase in scale of operations
  • GHCL
    • LT bank facilities raised to A from A- at Care
    • Cites healthy operating performance of its soda ash division
  • Kurlon Enterprise
    • Fund-based facilities raised to A+ from A at ICRA
    • Cites sustained revenue growth
  • La-Gajjar Machineries
    • LT bank facilities raised to A from BBB+ at Crisil
    • Cites operational, managerial and financial support expected from parent
  • Malladi Drugs
    • LT bank facilities raised to A- from BBB+ at Crisil
    • Cites steady offtake of core products, introduction of new products
  • Mercator
    • LT bank facilities raised to BBB+ from BBB at Care
    • Cites positive impact on capital structure led by reduction of high-cost debt

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
GHCL IN (GHCL Ltd)
SETC IN (Setco Automotive Ltd)
RAJV IN (Rajvir Industries Ltd)
AVNT IN (Avanti Feeds Ltd)
KOEL IN (Kirloskar Oil Engines Ltd)

Topics
India Macro News

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