HALISTER1: INDIA RATINGS: Uttam Galva, Tehri Pulp Cut; Equitas Micro Raised

INDIA RATINGS: Uttam Galva, Tehri Pulp Cut; Equitas Micro Raised

(Bloomberg) -- Here’s a roundup of debt-rating changes of Indian cos.
  • To get this story sent to your inbox real-time, run NI INRATINGS , click on Display & Edit, then Set Alert Delivery
DOWNGRADES
  • Indraprastha Logistics
    • Long-term bank facilities cut to BB- from BB at Care
    • Cites net losses, deterioration in solvency position
  • Kut Energy
    • LT bank facilities cut to D from BB- at Care
    • Cites delays in servicing of debt obligations
  • Laxmi Arogyam
    • LT loan facilities cut to D from B at Crisil
    • Cites overdrawn cash credit limit
  • Shree Jagannath Expressway
    • LT bank facilities cut to D from BB+ at Care
    • Cites ongoing delays in servicing of interest on term loans
  • Sikkim Ferro Alloys
    • LT loan facilities cut to BBB- from BBB at Crisil
    • LT loan facilities of Trisons Impex also cut to BBB- from BBB at Crisil
    • Expects group’s financial risk profile to deteriorate over the medium term
  • Tehri Pulp
    • LT bank facilities cut to D from C at Care
    • Cites delays in servicing of debt obligations
  • Uttam Galva Metallics
    • Term loan cut to D from BBB- at Care
    • Cites ongoing delays in servicing of debt
  • Uttam Value Steels
    • LT bank facilities cut to D from BB+ at Care
    • Cites ongoing delays in servicing of debt
  • Uttaranchal Iron
    • LT bank facilities cut to D from BB at Care
    • Cites instances of delays in debt servicing
UPGRADES
  • Autoline Industries
    • LT bank facilities raised to B- from D at Care
    • Cites regularization of debt servicing
  • Caparo Engineering
    • LT bank facilities raised to B from D at Care
    • Cites improvement in debt servicing track record
  • Crystal Quinone
    • LT loan facilities raised to BBB- from BB+ at Crisil
    • Expects business, financial risk profiles to improve over the medium term
  • Equitas Micro
    • LT loan facilities raised to A from A- at Crisil; NCDs also revised to A from A-
    • LT loan facilities of Equitas Housing also revised to A from A- at Crisil
    • Cites successful completion of IPO of parent Equitas Holdings
  • Gopi Synthetics
    • LT bank facilities raised to BBB from BBB- at Care
    • Cites increase in scale of operations
  • Kirloskar Electric
    • Term loan raised to B+ from C at Care
    • Cites regularization of debt servicing after restructuring
  • Man Global
    • LT bank facilities raised to BB+ from BB at Care
    • Cites substantial repayment of loan outstanding
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
AUTOL IN (Autoline Industries Ltd)
886568Z IN (Caparo Engineering India Pvt Ltd)
0332174D IN (Crystal Quinone Pvt Ltd)
EQUITAS IN (Equitas Holdings Ltd/India)
KECL IN (Kirloskar Electric Co Ltd)

To de-activate this alert, click here

UUID: 7947283