HALISTER1: INDIA RATINGS: STCI Finance, Nitin Fire Cut; Nahar Homes Raised

INDIA RATINGS: STCI Finance, Nitin Fire Cut; Nahar Homes Raised

(Bloomberg) -- Here’s a roundup of debt-rating changes of Indian cos.
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DOWNGRADES
  • Bebitz Flanges
    • Long-term bank facilities cut to BBB+ from A- at Care
    • Cites deterioration in operational, financial performance
  • Gupta Exim
    • LT bank facilities cut to D from C at Care
    • Cites ongoing delays in servicing of debt obligations
  • Hubtown Bus Terminal
    • LT bank facilities cut to D from BB at Care
    • Cites weakened liquidity position
  • Neeli Aqua
    • LT loan facilities cut to D from B at Crisil
    • Cites instances of delay in servicing debt
  • Nitin Fire Protection
    • LT loan facilities cut to BBB+ from A- at Crisil
    • Cites increased working capital requirement
  • Oriental Pathways Agra
    • LT bank facilities cut to D from BBB- at Care
    • LT bank facilities of Oriental Pathways Nagpur also cut to D from BBB- at Care
    • Cites delay in servicing of debt obligations
  • Oriental Structural
    • LT bank facilities cut to A- from A at Care
    • Cites subdued financial performance with decline in operating income, profitability
  • Saikrupa Cotgin
    • LT fund-based facilities cut to D from B+ at ICRA
    • Cites delays in debt servicing
  • Samsung Overseas
    • LT loan facilities cut to BB- from BB at Crisil
    • Cites stretched liquidity position
  • STCI Finance
    • LT debt program cut to AA- from AA at ICRA
    • Cites multi notch revision in LT ratings of its largest shareholder Bank of India
  • Sun Hospitality
    • Term loan cut to D from B at ICRA
    • Cites delays in debt servicing
  • Trimex Industries
    • LT loan facilities cut to D from BB at Crisil
    • Cites delays in servicing of term debt
  • Wondervalue Realty
    • LT bank facilities cut to BB- from BB at Care
    • Cites significant delay in project
UPGRADES
  • Alina
    • LT loan facilities raised to BBB from BBB- at Crisil
    • Expects business risk profile to continue to improve over the medium term
  • Digital Ventures
    • LT bank facilities raised to BBB+(SO) from BBB-(SO) at Care
    • Cites credit enhancement in the form of corporate guarantee extended by Zee Learn
  • IVY Health
    • LT bank facilities raised to BBB from BBB- at Care
    • Cites fund infusion by LIC Housing Finance
  • Nahar Homes
    • LT bank facilities raised to BBB from BB- at Care
    • Cites established brand name within real estate business, reasonable project execution
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
6588540Z IN (Bebitz Flanges Works Pvt Ltd)
CIM AU (CIMIC Group Ltd)
0359533D IN (Gupta Exim Pvt Ltd)
NFPI IN (Nitin Fire Protection Industries Ltd)
819404Z IN (Oriental Structural Engineers Pvt Ltd)

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