HALISTER1: INDIA RATINGS: UCO Bank Cut; Bangalore Airport Raised

INDIA RATINGS: UCO Bank Cut; Bangalore Airport Raised

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
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DOWNGRADES
  • Spictex Coton
    • Long-term loan facilities cut to B+ from BB- at Crisil
    • Cites lower-than-expected revenues, cash accruals
  • UCO Bank
    • Lower Tier 2 bonds cut to AA- from AA at Care; upper Tier 2 cut to A+ from AA-
    • Cites more-than-expected deterioration in asset quality
UPGRADES
  • Arohan Financial
    • LT bank facilities raised to A- from BBB+ at Care
    • Cites significant rise in scale of operations, healthy asset quality
  • Bangalore International Airport
    • Term loans raised to A+ from A at ICRA
    • Cites favorable govt policies
  • Dee Development
    • LT bank facilities raised to A- from BBB+ at Care
    • Cites equity infusion from Carlyle Group
  • Indapur Dairy
    • Term loan raised to A- from BBB+ at ICRA
    • Cites improved profitability
  • Nelcast
    • LT bank facilities raised to A+ from A at ICRA
    • Cites favorable demand outlook for tractor and commercial vehicle segments for the near-term, which in turn may support the co.’s operating income, profitability
  • Venus India Asset-Finance
    • NCDs raised to BBB- from BB+ at Care
    • Cites capital infusion
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
UCO IN (UCO Bank)
610369Z IN (Bangalore International Airport Ltd)
1008738D IN (Arohan Financial Services Pvt Ltd)
9264881Z IN (Dee Development Engineers Pvt Ltd)
NELC IN (Nelcast Ltd)

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