HALISTER1: INDIA RATINGS: Supertech, Wockhardt Cut; Laurus Labs Raised

INDIA RATINGS: Supertech, Wockhardt Cut; Laurus Labs Raised

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
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DOWNGRADES
  • Supertech
    • Long-term bank facilities cut to D from BB+ at Care
    • Cites delays in debt serving
  • Wockhardt
    • LT bank facilities cut to AA- from AA at Care; planned INR2.5b NCDs also cut to AA- from AA
    • Cites deterioration in operational performance due to continued import alert by USFDA on some of its facilities, impact of Brexit in U.K., increasing pricing pressure in the U.S. generics market
UPGRADES
  • Arisudana Industries
    • LT bank facilities raised to BBB+ from BBB at Care
    • Cites increased income, improved profitability margins
  • Bharat Electrical Contractors
    • LT bank facilities raised to BBB from BBB- at Care
    • Cites growth in operating income, improved operating profitability
  • DRB Ravani Developers
    • LT bank facilities raised to BB+ from BB at Care
    • Cites lower sale-ability risk of its under-construction high-end residential project due to healthy booking status
  • Laurus Labs
    • LT bank facilities raised to AA- from A+ at Care
    • Cites growth in total operating income, coupled with significant growth in profit
  • Mahakaleshwar Tollways
    • LT bank facilities raised to BB+ from BB at Care
    • Cites improvement in toll collection
  • Penver Products
    • LT bank facilities raised to BB+ from BB at Crisil
    • Cites significant improvement in business-risk profile
  • Sanwaria Agro
    • Fund-based facility raised to BBB from BBB- at Brickwork
    • Cites improvement in financial risk- profile
  • Transformers & Rectifiers
    • LT bank facilities raised to A- from BBB+ at Care
    • Cites significant growth in scale of operations, better-than-expected profitability

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
LAURUS IN (Laurus Labs Ltd)
WPL IN (Wockhardt Ltd)
0670446D IN (Arisudana Industries Ltd)
1488963D IN (Bharat Electrical Contractors & Manufacturers Pvt Ltd)
0809366D IN (Mahakaleshwar Tollways Pvt Ltd)

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