HALISTER1: INDIA RATINGS: Videocon Cut; Kesoram, Nagarjuna Hydro Raised

INDIA RATINGS: Videocon Cut; Kesoram, Nagarjuna Hydro Raised

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
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DOWNGRADES
  • Ario Infrastructure
    • Long-term bank facilities cut to D from BB at Care
    • Cites irregularity in servicing debt obligations
  • Dev Cotex
    • LT bank facilities cut to D from B at Care
    • Cites delay in debt repayment due to weak liquidity position
  • Gwalior Distilleries
    • LT bank facilities cut to B+ from BB- at Care
    • Cites delay in implementation of project
  • Lion Insulation
    • LT bank facilities cut to D from B at Care
    • Cites irregularity in servicing debt obligations
  • Medi Pharma Drug
    • LT loan facilities cut to BB from BB+ at Crisil
    • Cites deterioration in liquidity following withdrawal of capital, sizeable investments in real estate
  • OMR Mall Developers
    • LT loan facilities cut to D from BB- at Crisil
    • Cites delays in meeting interest obligation
  • Videocon
    • LT fund-based bank facilities cut to BB+ from A at Care
    • Cites significant deterioration in operational, financial performance
UPGRADES
  • Green Power Sugars
    • LT loan facilities raised to BB- from B at Crisil
    • Cites ramp up, stabilization of operations
  • Kesoram
    • LT bank facilities raised to A from A- at Care
    • Cites reduction of debt after successful transfer of unit Cavendish to JK Tyre for INR21.45b
  • Nagarjuna Hydro Energy
    • LT loan facilities raised to BBB from BBB- at Crisil
    • Cites sustained improvement in financial risk profile of the group due to steady cash flows, strong liquidity management
  • Vidya Wires
    • LT loan facilities raised to BBB- from BB+ at Crisil
    • Cites sustained ramp-up in scale of operations, improvement in profitability
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
KSI IN (Kesoram Industries Ltd)
VCLF IN (Videocon Industries Ltd)
0959959D IN (Green Power Sugars Ltd)
7177533Z IN (Medi Pharma Drug House)
0810154D IN (Nagarjuna Hydro Energy Pvt Ltd)

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