Ratings Agency

Moody's upgrades Oyo parent Oravel Stays rating; maintains stable outlook

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

CareEdge Ratings expects upcoming budget to boost revenue expenditure

The ratings agency expects the government's focus on manufacturing and capex to continue in the Budget

Corporate downgrade-to-upgrade ratio inches higher in FY24: Report

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

Moody's revises outlook on 4 Adani firms to 'stable' from 'negative'

The global ratings agency changed the outlook to 'stable' on Adani Green, Adani Electricity Mumbai, Adani Transmission, and Adani Energy Solutions

JSW USA to raise $145 mn loan for capex Moody's affirms stable ratings

Company's reliance on long-term external financing will be critical, says agency

Led by festival season, revenue of apparel retailers to grow 7-8% in FY24

The revenue density, calculated as revenue per square feet, is, however, expected to remain below the pre-pandemic level: CRISIL

Sebi revokes Brickwork's wind up order, bars taking clients for 6 months

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

Debt-burdened global leaders just love to hate ratings companies: Report

Countries run the gauntlet of rating companies because they're hard-wired into the global investment system

SAT overrules Sebi's order on cancelling of Brickwork Ratings' licence

India's markets appeals tribunal set aside a ruling by the markets regulator cancelling the licence of Brickwork Ratings India, according to an order published on the tribunal's website

Hindenburg report: Sebi discusses Adani firms with ratings agencies

SEBI asked about the maturity profile of Adani Group debts, its liquidity, the founder's leverage and the overall rating process

CARE Ratings surges 7%, hits 52-week high in subdued market

In past one month, the stock has outperformed the market by surging 20 per cent, as compared to 3 per cent decline in the Sensex.

CBI files charge sheet against ex-BARC CEO in ratings manipulation case

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

RBI says regulated bodies can't get fresh ratings from Brickwork Ratings

Sebi carried out a series of inspections against Brickwork, which obtained its licence as a CRA in 2008, starting April 2014, which led to multiple adjudication proceedings against the firm

Brickwork impact: Charts favour Icra; CRISIL, CARE Ratings test key levels

ICRA and CRISIL have gained up to 22 per cent so far this year, while Care Ratings has been a underperformer, down 14 per cent.

Chalet Hotels up 6%, hits 52-week high in a weak market on ratings upgrade

The Positive Outlook reflects a consistent recovery in CHL's business operations since 2QFY22, with 1QFY23 revenue and EBITDA exceeding the pre-COVID-19 levels.

MFIs, smaller NBFCs collections drop to 65-85% in Q1 FY22: Acuite Ratings

The collection efficiencies of its rated microfinance institutions (MFIs) and smaller non-banking finance companies (NBFCs) have dropped to 65-85 per cent during the first quarter of fiscal 2022.

CARE Ratings soars 22% in three days on strong Q4 results

In Q4FY21, CARE Ratings reported 69% year-on-year growth in consolidated net profit at Rs 26.49 crore as against Rs 15.68 crore in Q4FY21

Rating agencies come together to represent Indian rating industry

Currently, there are seven credit ratings agencies registered with SEBI

India's prized investment grade status hanging by a thread amid Covid-19

The severity of the current virus wave is making the main agencies, S&P, Moody's and Fitch agitated

India's sovereign rating to remain at current level for next 2 years: S&P

S&P Global Ratings on Friday said India's credit rating would be retained at the current level for the next two years, and the country will see a slightly faster pace of growth in the next couple of years that will support its sovereign rating. S&P, which had in March seen the Indian economy growing by 11 per cent in the fiscal year to March 2022, saw GDP growth rate dropping to 9.8 per cent under the 'moderate' scenario, where infections peak in May, and falling to as low as 8.2 per cent in 'severe' scenario under which caseload would peak only in late June. Speaking at a webinar on 'What A Drawn Out Second COVID Wave Means For India', S&P Global Ratings Director - Sovereign and Public Finance Ratings - Andrew Wood said in the moderate downside scenario there would not be any major impact on the government's fiscal position. There could be upside pressure on general government fiscal deficit forecast of 11 per cent as revenue generation would be weaker, but debt stock ...