HALISTER1: INDIA RATINGS: Valens Molecules Cut; Parry Sugars Raised

INDIA RATINGS: Valens Molecules Cut; Parry Sugars Raised

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
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DOWNGRADE
  • Alupan Composite
    • Long-term bank facilities cut to D from B- at Crisil
    • Cites instances of delay in servicing debt due to stretched liquidity
  • Brisk India
    • Cash credit cut to D from B at ICRA
    • Cites delays in debt servicing
  • Valens Molecules
    • LT bank facilities cut to BB+ from BBB- at Crisil
    • Cites deterioration in revenue, operating profitability
UPGRADE
  • Automotive Manufacturers
    • LT bank facilities raised to A from A- at Crisil
    • Cites continued improvement in debt protection metrics, liquidity
  • Olympus Motors
    • LT bank facilities raised to BBB from BBB- at Crisil
    • Cites improvement in business, financial risk profiles
  • Parry Sugars Refinery
    • LT bank facilities raised to A+ from A at Crisil; NCDs also upgraded to AA-(SO) from A+(SO)
    • Cites upgrade in rating of LT debt instruments of parent EID Parry
  • Patco Precision
    • LT bank facilities raised to BB- from B at Crisil
    • Cites improvement in business and financial risk profiles due to better operating performance
  • Skylark Hatcheries
    • LT bank facilities raised to BBB+ from BBB at Crisil
    • Cites higher-than- expected ramp-up in revenue
  • Sunkon Energy
    • LT bank facilities raised to BBB from BBB- at Crisil
    • Cites improved operational track record
  • Technoy Motors
    • LT bank facilities raised to BBB- from BB+ at Crisil
    • Cites improvement in business and financial risk profiles

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
EID IN (EID Parry India Ltd)
1111870D IN (Skylark Hatcheries Pvt Ltd)

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