HALISTER1: INDIA RATINGS: URC Infotec Cut; GSPC Pipavav, Vadilal Raised

INDIA RATINGS: URC Infotec Cut; GSPC Pipavav, Vadilal Raised

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
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DOWNGRADES
  • URC Infotec
    • Long-term loan facilities cut to D from B- at Crisil
    • Cites instances of delay in servicing term debt
UPGRADES
  • Chaitanya India Fin
    • LT bank facilities, NCDs raised to BBB- from BB+ at ICRA
    • Cites improvement in company’s capitalization following equity infusion from investors
  • GSPC Pipavav Power
    • LT bank facilities raised to BBB from BBB- at Care
    • Cites two-year record of payments of fixed charges by Gujarat Urja Vikas Nigam, which has a power purchase agreement with the company
  • Swarna Tollways
    • Term loans, NCDs raised to AA from AA- at Care
    • Cites increase in profits
  • Vadilal
    • LT bank facilities raised to BBB from BBB- at Care
    • Cites continuous growth in scale of operations
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
VDI IN (Vadilal Industries Ltd)
1053200D IN (Chaitanya India Fin Credit Pvt Ltd)
1304809D IN (MAIF Investments India 3 Pte Ltd)

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