HALISTER1: INDIA RATINGS: Tata International, Gopsons Papers Cut

INDIA RATINGS: Tata International, Gopsons Papers Cut

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
  • To get this story sent to your inbox real-time, run NI INRATINGS , click on Display & Edit, then Set Alert Delivery
DOWNGRADES
  • Diya Systems
    • Term loan cut to BB+ from BBB- at ICRA
    • Cites large debt-funded capital expenditure
  • Fomento Resources
    • Long-term bank facilities cut to BBB+ from A- at Crisil
    • Cites moderation in cash accrual, debt protection metrics
  • Gopsons Papers
    • LT bank facilities cut to D from B- at Crisil
    • Cites overdrawals in cash credit limit for more than 30 days
  • K. V. Aromatics
    • LT bank facilities cut to BBB from BBB+ at Crisil
    • Cites increase in working capital requirement funded through debt
  • Tata International
    • LT loans cut to A from A+ at ICRA
    • Cites recurring losses at consolidated level
UPGRADES
  • Adilabad Expressway
    • LT bank facilities raised to BB- from B at Care
    • Cites continued improvement in liquidity position
  • Entire Ceramics
    • LT bank facilities raised to BB+ from BB at Care
    • Cites improvement in profit margins, cash accruals
  • Iskrupa Mall Management
    • Term loan raised to BBB-(SO) from BB at Care
    • Cites credit enhancement in form of letter of comfort by the founder of Future Group
  • Sri Anantha Lakshmi Spinning Mills
    • LT bank facilities raised to BB from BB- at Crisil
    • Cites increasing cash generation, efficient working capital management
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
0930257D IN (Fomento Resources Pvt Ltd)
0180385D IN (Gopsons Papers Ltd)
0198055D IN (KV Aromatics Pvt Ltd)
47588Z IN (Tata Sons Ltd)

To de-activate this alert, click here

UUID: 7947283