Page 2 - India Ratings And Research

Ind-Ra downgrades Haldia Petrochemicals to AA-minus with negative outlook

Ind-Ra said it has considered the standalone profile of HPL and has not consolidated the debt of 1.5 billion dollars taken at the asset level (Lummus) as the debt has been taken without recourse

Textile demand may decline 25-35% in FY21 due to slowdown: Report

The demand of yarn, fabric and apparels is set to remain muted throughout first half of the financial year 2020-21

States' deficit, market borrowings to increase to 4.5% of GDP: Ind-Ra

State governments were already faced with a lower-than-budgeted share in central taxes and subdued own revenue growth, when the 21 days economic lockdown was imposed from March 25

Reserve Bank makes $21-billion cut to US treasury holdings in March

Central bank does huge OMO silently to control domestic bond yields

Covid-19: Construction in major centres halts, project delivery to worsen

Experts say things have come to a standstill and that it will take at least 3-4 months for the work to even begin

Ind-Ra revises rating watch on YES Bank to 'evolving' from 'negative'

The RWE indicates the possibility of the ratings being either upgraded, downgraded or affirmed.

Covid-19 won't impact credit rating of pharma firms for now: Ind-Ra

If the disruption spills beyond the next 9 to 12 months, some of the higher rated corporates could face downward pressure

Ind-Ra lowers outlook on domestic steel sector from stable to negative

High iron ore premiums for new mine owners both captive and merchant could shift the cost positions of steel mills, it said

Ind-Ra places Wockhardt on rating watch evolving with negative outlook

As per the management, said Ind-Ra, the deal is in line with Wockhardt's strategic plan to shift from acute therapeutic areas to more chronic businesses such as anti-diabetes, central nervous system e

Ind-Ra expects states fiscal deficit to touch 3% of GDP in FY21

Ind-Ra's Devendra Pant said while bigger states are better placed to manage fiscal shocks, states which see fiscal deficit at 4% or more may see deterioration

GST, VAT collection dips as 6 states' tax revenue till November FY20 falls

On the other hand, tax revenues rose 13.44 per cent for West Bengal in this period

Ind-Ra lowers SAIL outlook to negative, affirms long-term rating at IND AA-

Ind-Ra expects SAIL's gross debt to remain flat in FY20

Infra, realty firms face refinancing test of Rs 3-4 trillion: Ind-Ra

According to the India Ratings and Research, companies rated 'BBB' and below will have a total refinancing, and working capital renewal need of Rs 1.4 trillion to Rs 1.7 trillion in the current fiscal

Lukewarm response to arbitration claims by infra developers

The pace of release of arbitration claims for infrastructure developers has gained limited traction, due to the inability of road developers to provide bank guarantees, says India Ratings and Research (Ind-Ra).It said that non-submission of bank guarantees despite reminders from National Highways Authority of India (NHAI) and non-opening of Arbitral Award Escrow Account (escrow account) are the key deterrent to the success of the scheme, which was approved by the Cabinet Committee on Economic Affairs. The scheme was approved on 31 August 2016, and the NHAI started accepting claims under the scheme on 7 December 2016. The rating agency said that since introduction of the arbitration scheme Rs 9000 crore worth of funds have been released compared to over Rs 26000 crore worth of claims made to NHAI. The government's initiative to release 75 per cent of locked amount in arbitration awards has had a limited impact on the liquidity of developers except a few road developers as banks are ...

Banks need Rs 91,000 cr capital to sustain 8-9% growth: Ind-Ra

Domestic rating agency believes there is an increasing divide between the large and smaller PSBs