HALISTER1: INDIA RATINGS: Sterling Habitats Cut; Asian Hotels Raised

INDIA RATINGS: Sterling Habitats Cut; Asian Hotels Raised

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
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DOWNGRADES
  • Senbo Engineering
    • Long-term bank facilities worth INR1.43b cut to D from B+ at Care
    • Cites ongoing delay in servicing debt obligations
  • Shiv Shakti Exporters
    • Fund-based limits worth INR343.5m cut to D from BB- at India Ratings
    • Cites under- utilization of working capital facilities due to weak liquidity position
  • Sterling Habitats
    • NCDs cut to B(SO) from BB-(SO) at Crisil
    • Cites heightened refinancing risk
UPGRADES
  • Asian Hotels West
    • LT bank facilities raised to BBB from BBB- at Care
    • Cites improved operational performance
  • Carbon Edge
    • LT bank facilities raised to BBB from BBB- at Care
    • Cites growth in scale of operation, profitability
  • Island Star Mall
    • LT bank facilities raised to A- from BBB+ at Crisil
    • Cites steady increase in lease rentals, better operating efficiency
  • SRG Housing
    • LT bank facilities raised to BBB- from BB+ at Care
    • Cites increase in scale of operations
  • Ushdev Engitech
    • Rupee term loan raised to BB+ from D at India Ratings
    • Cites timely debt servicing
  • Vedika Credit
    • Fund-based facility raised to BBB from BBB- at Brickwork
    • Cites improvement in operational, financial performance

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
AHWL IN (Asian Hotels West Ltd)
0778648D IN (Carbon Edge Industries Ltd)
PHNX IN (Phoenix Mills Ltd/The)
SRHO IN (SRG Housing Finance Ltd)
1023097D IN (Senbo Engineering Ltd)

Topics
First Word Credit Asia
India Macro News

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