HALISTER1: INDIA RATINGS: Vijay Textiles Cut; TVS Credit Raised

INDIA RATINGS: Vijay Textiles Cut; TVS Credit Raised

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
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DOWNGRADES
  • J.R.D. International
    • Long-term bank facilities cut to B- from BB at Crisil
    • Cites stretched liquidity
  • Vijay Textiles
    • Term loans cut to D from B+ at India Ratings
    • Cites continuous delays in debt repayments over 12 months ended July
UPGRADES
  • Anand Engineering
    • LT bank facilities raised to BB from B+ at Crisil
    • Cites increase in cash accrual
  • GVV Constructions
    • LT bank facilities raised to BBB from BBB- at Crisil
    • Cites scaling up of operations
  • Prayagh Nutri
    • LT bank facilities raised to BBB from BBB- at Crisil
    • Cites increase in revenue, stable profitability
  • TVS Credit
    • NCDs raised to AA- from A+ at Crisil
    • Cites increase in scale and diversity of operations, improvement in profitability

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
VJTX IN (Vijay Textiles Ltd)
1046662D IN (Anand Engineering Products Pvt Ltd)
0932526D IN (TVS Credit Services Ltd)

Topics
First Word Credit Asia

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