Brickwork Ratings downgrades Vodafone Idea over subscriber loss

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 Intl says working with CARE on credit rating

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 […]

JLR promises improved Q4 results after S&P cuts rating

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 cuts Tata Motors’ rating over JLR performance

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 […]

Crisil downgrades Vodafone Idea debt due to “pricing pressure”

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 […]

Indiabulls Real Estate on the mend post demonetization hit – Fitch

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 responds to downgrade by India Ratings

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 […]

Fitch lauds Tata Steel’s thyssenkrupp deal, but rating unchanged

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 cuts IDBI Bank rating as NPAs climb to 21%

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 upgrades Tata Motors on improving business performance

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 downgrades Anil Ambani’s Reliance Communications over Aircel merger

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 […]

M&M seen holding SUV, tractor market share despite rising competition- CRISIL

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 […]

HPCL, IOCL, Adani Ports to benefit from rupee depreciation – Fitch

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 cuts outlook on Lodha Developers to ‘Negative’ from ‘Stable’

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 […]