HALISTER1: INDIA RATINGS: UCO Bank Cut; Adani Agri, Agroh Toll Raised

INDIA RATINGS: UCO Bank Cut; Adani Agri, Agroh Toll Raised

(Bloomberg) -- 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:
  • Howrah Mills
    • LT loan facilities cut to D from B+ at Crisil
    • Cites continuously overdrawn cash credit account for more than 30 days
  • UCO Bank
    • Lower tier 2 bonds cut to AA from AA+ at Care Ratings; upper tier 2 cut to AA- from AA
    • Cites moderation in profitability ratio, deterioration in asset quality parameters
UPGRADES:
  • Adani Agri Logistics
    • LT bank facilities raised to BBB+ from BBB at Care Ratings
    • Cites established track record for timely receipt of storage & handling charges from Food Corp. of India
  • Agroh Toll Highways
    • LT bank facilities revised to A- from BBB(SO) at Care Ratings
    • Cites standalone credit strength marked by established operational track record of more than 1Y with receipt of 2 semiannual annuities
  • Kkalpana Industries
    • LT bank facilities raised to A- from BBB+ at Care Ratings
    • Cites significant improvement in capital structure
  • R.G. International
    • LT loan facilities revised to BB from BB- at Crisil
    • Cites healthy increase in revenue
  • TCS and Associates
    • LT facilities revised to BB- from B+ at ICRA
    • Cites growth in operating income in FY15
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
ADE IN (Adani Enterprises Ltd)
UCO IN (UCO Bank)
8122650Z IN (Howrah Mills Co Ltd)
KLP IN (Kkalpana Industries India Ltd)

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