HALISTER1: INDIA RATINGS: Steel Authority Cut; Escorts, Stylam Raised

INDIA RATINGS: Steel Authority Cut; Escorts, Stylam Raised

(Bloomberg) -- Here’s a roundup of debt rating changes of Indian cos. To get this story sent to your inbox in real-time, run NI INRATINGS , click on Display & Edit, then Set Alert Delivery. DOWNGRADES:
  • Ind Barath Thermotek
    • NCDs cut to B+ from BB+ at Care
    • Cites delay in commencement of operations, resulting in time and cost overrun in project
  • Steel Authority
    • Bonds cut to AA+ from AAA at Care
    • Cites subdued financial performance during April-Dec. period
  • United Telecoms
    • Long-term fund based facilities cut to D from BB+ at ICRA
    • Cites delays in debt servicing in recent past
UPGRADES:
  • Atria Convergence Technologies
    • LT fund based bank limits revised to A from A- at Care
    • Cites robust operational performance in FY15 April-Dec. period leading to improved debt coverage indicators
  • Escorts
    • Term loans revised to A- from BBB+ at ICRA
    • Cites sustainable improvement in cost structure
  • Stylam Industries
    • LT bank facilities revised to BBB+ from BBB at Care
    • Cites improvement in overall solvency position, additional fund infusion by promoters
  • Welspun Solar Rajasthan
    • LT bank facilities revised to BBB+ from BBB(SO) at Care
    • Cites satisfactory financial performance during FY15 and April-Dec. period
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
ESC IN (Escorts Ltd)
SAIL IN (Steel Authority of India Ltd)
SYIL IN (Stylam Industries Ltd)
0350806D IN (Atria Convergence Technologies Pvt Ltd)
IBPL IN (Ind-Barath Power Infra Ltd)

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