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Moody's Ratings has upgraded the corporate family rating (CFR) of Oravel Stays Limited -- travel tech platform OYO's parent firm -- and the rating on the senior secured term loan issued by its wholly-owned subsidiary OYO Singapore to B2 from B3, and maintained the stable outlook. In a statement on Wednesday, Moody's said it has assigned a B2 rating to the USD 825 million senior secured term loan facility to be availed by Oravel Stays Singapore Pte. (OYO Singapore). The term loan is fully underwritten by Deutsche Bank. Elaborating upon the rating rationale, Moody's said OYO is in the process of securing a new five-year USD 825 million term loan, which together with the USD 174 million of primary equity capital raised between June and August 2024, will be used to repay its existing TLB that matures in June 2026, easing its refinancing pressures. The proceeds will also fund the company's proposed USD 525-million acquisition of US-based hotel chain Motel 6. OYO's interest expense will
Domestic rating agency India Ratings and Research on Monday said there was a marginal uptick in the corporate downgrade-to-upgrades ratio in FY24, when compared to the year-ago period. There were 312 upgrades as compared to 114 downgrades in FY24, which resulted in the ratio between the two coming at 0.37 per cent, which is marginally higher when compared to the 0.26 per cent in FY23, the city-based agency said. "The pace of upgrades moderated while at the same time downgrades increased, both of them marginally by about one percentage point," its head of credit policy group Arvind Rao said. However, the ratio at 0.37 per cent is still low, the agency said, attributing the performance of its rated entities to the continuing Indian growth story. Its associate director Suparna Banerji said the upgrades were witnessed in investment, consumption and service sectors, while the downgrades in the textiles and construction sectors. Meanwhile, its peer Care Ratings said it upgraded the rati
Capital markets regulator Sebi has revoked its wind up order against Brickwork Ratings India and barred the credit rating agency to onboard new clients for a period of six months. In June, the Securities Appellate Tribunal (SAT) set aside a Sebi ruling cancelling the licence of the credit rating agency and asked the regulator to pass a fresh order. Brickwork Ratings India Pvt Ltd is a Sebi and RBI-accredited registered credit rating agency. In an order on Wednesday, the markets regulator directed Brickwork Ratings India to strengthen its board and appoint an "independent professional chief executive officer and an independent director as chairperson". It has also directed Brickwork to increase the number of directors to nine from the current five and ensure that the new members of the newly constituted board are unconnected to the present management/founders of the company. According to Sebi, the credit rating agency will ensure that members of the founding management are not part
The CBI has filed a charge sheet against former BARC CEO Sunil Lulla for allegedly manipulating viewership ratings of channels from "his ends" during his tenure in the ratings agency, officials said Tuesday. During the probe that was started on a complaint from a Lucknow-based advertiser, the CBI did not find any evidence of alleged manipulation being done at the customer level by channels, they said. The alleged manipulation in TV ratings took place at the level of Lulla when he was heading the Broadcast Audience Research Council (BARC), according to the agency charge sheet filed at a special CBI court in Lucknow. Lulla has denied the charges. Sources refused to share details of the charge sheet as the special court is yet to take cognizance of it. The agency has pressed charges under IPC sections 406 (criminal breach of trust), 420 (cheating) and others, they said. The court will take cognisance of the charge sheet on December 15, for which it has issued summons to Lulla, they