HALISTER1: INDIA RATINGS: Walker Chandiok Cut; Krishna Constructions Raised

INDIA RATINGS: Walker Chandiok Cut; Krishna Constructions Raised

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
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DOWNGRADES
  • Hindusthan Malleables
    • Cash credit cut to BB- from BB at ICRA
    • Cites high working capital intensity of operations due to increase in inventory holdings
  • Walker Chandiok
    • Working capital limits cut to A from A+ at ICRA
    • Cites greater reliance on working capital debt from bank, decline in profitability margins
UPGRADE
  • Krishna Constructions
    • Long-term bank facilities raised to BB from BB- at Crisil
    • Expects net cash accrual to continue to be adequate vis- a-vis maturing debt obligation
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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