HALISTER1: INDIA RATINGS: Tree House Cut to D; L&T GeoStructure Raised

INDIA RATINGS: Tree House Cut to D; L&T GeoStructure Raised

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
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DOWNGRADES
  • Rashi Steel
    • Term loan cut to D from BB- at ICRA
    • Cites delay in servicing debt
  • Superhouse
    • Fund-based facilities cut to BBB+ from A- at ICRA
    • Cites weakness in export revenues
  • Tree House Education
    • Long-term bank facilities cut to D from BB at Care
    • Cites ongoing delays in debt servicing
UPGRADES
  • D.E.C. Infrastructures
    • LT bank facilities raised to A- from BBB+ at Care
    • Cites healthy, diversified order book and substantial improvement in capital structure
  • Eastern Power Distribution
    • LT bank facilities raised to BB+ from BB at Crisil
    • Cites healthy reduction in debt as part of Ujwal Discom Assurance Yojna (UDAY) plan signed by Andhra Pradesh govt
  • L&T GeoStructure
    • LT bank facilities raised to A from A- at Care
    • Cites significant improvement in financial performance due to strong execution and order book
  • Ostro Renewables
    • LT bank facilities raised to BBB from BBB- at Care
    • Cites satisfactory generation track record after stabilization, moderately comfortable debt coverage indicators
  • Regal Transcore Laminations
    • LT bank facilities raised to B+ from B at Crisil
    • Expects group’s working capital management to continue to improve over the medium term
  • Shiva Satya Hotels
    • LT bank facilities raised to BB- from B at Care
    • Cites improvement in operating performance
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
SUPL IN (Superhouse Ltd)
6592956Z IN (Eastern Power Distribution Co of Andhra Pradesh Ltd)
THEAL IN (Tree House Education and Accessories Ltd)

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