Fitch Ratings has downgraded the long-term credit rating of Tata Motors by one notch to BB- from BB due to both domestic as well as JLR-related factors. The rating agency further kept a negative outlook on the company’s rating, pointing to various factors such as further uncertainty in Britain over its exit from Europe, increasing […]
Brickwork Ratings has downgraded the credit rating of India’s largest telecom operator by subscribers, Vodafone Idea, due to the sharp shrinkage seen in the company’s user base in the last six months. The company’s subscriber base has fallen by a whopping 21% between September last year and March this year, going from 42.23 cr (422 […]
Eros International Plc, listed on the New York Stock Exchange, denied short-seller allegations about financial misappropriations at the the India-based content aggregation company said it was also working with CARE Ratings to address their concerns. It also announced a $20 million (Rs 138 cr) share repurchase program. The company’s stock also took a knock last […]
Tata Motors UK unit Jaguar Land Rover expressed disappointment over the move by credit rating agency S&P to downgrade its debt rating, and promised better results for the ongoing quarter. “The company is disappointed by S&P’s decision to downgrade Jaguar Land Rover now. “The company reaffirms that it expects improved financial results in the fourth […]
CARE Ratings has cut the rating on Rs 11,400 cr of bank and debenture financing availed by Tata Motors due to poor financial performance and high product development costs at the company’s UK subsidiary. It cut the rating on Tata Motors’ long-term bank facilities and non-convertible debentures to AA from AA+. CARE said the cut […]
Ratings agency CRISIL has downgraded certain debt securities of Vodafone Idea Ltd by one notch, quoting conditions in the Indian telecom market. It downgraded Rs 6,000 cr worth of non-convertible debentures issued by Vodafone from AA- to A+. The highest rating in the scheme is AAA+, and the current revision represents a lowering of the […]
Fitch Ratings affirmed property developer Indiabulls Real Estate Limited’s Long-Term Foreign-Currency Issuer Default Rating at ‘B+’ with a ‘stable’ outlook, noting that conditions for the real estate developer are improving. “The Stable Outlook reflects the recovery in IBREL’s contracted sales following India’s currency demonetisation last year,” it said. However, it said it couldn’t upgrade the […]
Reliance Infrastructure said it disagreed with the decision by India Ratings, a unit of Fitch, to downgrade its debt over delays in equity infusion and monetization of assets. “The Company respectfully disagrees with the views of India Ratings,” it said today. “The Company has taken series of steps for asset monetization including inter alia filing […]
Tata Steel Limited’s (TSL) memorandum of understanding with thyssenkrupp AGn to create a 50:50 JV in Europe paves the way for TSL to reduce exposure to a structurally weaker business, says Fitch Ratings. However, TSL’s Long-Term Issuer Default Rating (IDR) of ‘BB’ remains on Rating Watch Evolving until further clarity on the proposed JV emerges […]
Fitch Ratings said it downgraded IDBI Bank’s Long-Term Default Rating and its ‘viability rating’ by one notch each to ‘BB+’ and ‘ccc’ with a stable outlook. “IDBI Bank’s Viability Rating reflects the deterioration of its financial profile in the last two years and our expectation that both asset quality and capital will remain significant ongoing […]
Fitch Ratings has upgraded its rating on Tata Motors by one notch, pointing to the automaker’s improving business performance. “The upgrade reflects the sustained improvement in TML’s Indian automotive business over the last two years, supported by growing commercial vehicle volumes, successful new product launches in the passenger vehicle segment, as well as the management’s […]
Fitch Ratings has downgraded India-based Reliance Communications Limited’s long-term rating to ‘B+’ from ‘BB-‘. “It is our view that Rcom’s plans to demerge its wireless business into a 50:50 joint-venture and sell 51% of its tower business, Reliance Infratel Ltd (Infratel), will be negative for Rcom’s creditors, even if receipts from the tower transaction are […]
Credit Rating agency Brickwork Ratings India Pvt Ltd. downgraded bonds issued by Indian Overseas Bank from A- to BBB+. It maintained its outlook on the bonds as negative. The downgrade has come in the context of rising bad loans on the bank´s balance sheet. Indian Overseas Bank is one of the worst affected banks as […]
Tata Motors said Moody´s Investors Service has upgraded the credit rating of its unit Jaguar Land Rover Automotive Plc. by one notch. The company´s overall family corporate rating has been moved from Ba2 to Ba1. Outlook remains positive. The Jaguar Lannd Rover is Tata Motors British unit. The company had seen credit downgrades after the […]
Mahindra & Mahindra Ltd is likely to maintain its market position in its core SUV and tractor markets despite the entry of new competitors, ratings company Crisil said. “Cost-efficient operations, development skills, broad product portfolio, and increased production capacity will enable the company to maintain its leading market position in the tractor, UV, and LCV […]
Minda Industries said that credit rating agency ICRA has upgraded the long term credit rating of the company by one notch from A+ to AA- and added that the outlook on the long-term rating was ‘Stable’. The short term rating of the company remains at A1+ added the company. ICRA has said that, the ratings […]
Hindustan Petroleum Corporation Limited, Indian Oil Corporation Ltd and Adani Ports and Special Economic Zone Limited are among the Indian companies that will benefit the most from the rupee’s depreciation against the dollar, while Power Grid Corporation of India Ltd, NTPC Limited, Bharti Airtel Limited and Lodha Developers Private Ltd will be among the biggest […]
Fitch Ratings has revised its outlook on India-based property developer Lodha Developers Private Ltd to Negative from Stable saying the real estate major’s reduction of debt has been slower than expected. However, the ratings agency expects improvements in the company’s operating metrics this year. “The Outlook revision reflects weaker-than-expected operating performance for the financial year […]
The Indian government’s poor financial condition is the weakest aspect of India’s credit profile, international ratings agency Moody’s has said, adding that state-owned banks’ poor assets are another area of concern. On the other hand, strong private savings and growth are positive aspects to the Indian economy, Moody’s added. “Government finances are the weakest aspect […]
