Rating Agencies

Jindal Stainless Ltd (JSL) on Thursday said Crisil Ratings has revised its outlook on the stainless steelmaker's long-term bank facilities and debt programme to 'AA' with a positive outlook. The rating agency has revised its outlook in view of the company's improved business risk profile, an expected uptick in scale and forward integration with capacity expansion and acquisitions, JSL said in a statement. "JSL has earned an outlook upgrade of Positive from Stable from the CRISIL Ratings on the long-term bank facilities and debt programme, and a reaffirmed rating at CRISIL AA-. Meanwhile, the rating on the short-term bank facilities has been reaffirmed at CRISIL A1+," it said. Some of the parameters that CRISIL Ratings took note of in order to elevate the outlook include the completion of the merger process of Jindal Stainless Hisar Limited (JSHL) with the company, the healthy financial risk profile of the company led by strong liquidity, its strategic acquisitions, an agile business

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India's improving macros, banks improving credit profile trigger upgrade

There is lack of clarity in impact of holding company's internal controls and compliance framework: Rating agency

Rating agency Icra on Tuesday revised its growth estimates for the Indian road logistics sector to 11-13 per cent for the current fiscal against the previous estimate of 7-9 per cent. The rating agency said the growth is supported by a strong demand environment, coupled with the continuation of firm freight rates, also supported by the base effect to an extent, given that FY22 had a weak first quarter due to the second wave of COVID-19. Icra further said it expects revenue growth of the Indian road logistics sector at a higher single digit for F24 over FY23 on an elevated base and continuation of a healthy demand scenario. The debt coverage metrics of the logistic sector are expected to marginally moderate in FY23 and FY24 compared to the FY22 levels, owing to expected debt-funded capital expenditure for vehicle replacement required prior to the introduction of the scrappage policy, along with the rising interest rate regime, it added. Further, Icra said multimodal offerings are ..

Failure to improve business volumes may impact profitability of Delhi-based NBFC, says agency

Disclosures around utilisation of issue proceeds not as exhaustive as IPOs: Rating agencies

The regulator also specified standard descriptors for 'rating watch' and 'rating outlook'

Persistently weak liquidity, high refinancing needs triggers rating action

Country relatively insulated from volatility due to limited reliance on external financing, says rating agency

But keeps Sebi ban on taking up new clients

The regulator has directed CRAs to disclose prominently on their website Sebi's order on suspension or cancellation

Orders it to wind down operations in six months

Power, healthcare, engineering, construction, and roads sectors account for 60% of the total entities whose ratings could potentially be affected

Anil Agarwal-controlled unit looks to raise $700 mn from Indian lenders

Despite the 15 per cent rally on Wednesday, CARE Ratings still trades 38 per cent lower from its 52-week high; Similarly, CRISIL and ICRA too are down 14 per cent from their respective 52-week highs.

As S&P affirms ICICI Bank's BBB rating, an upgrade over the next one to two years is unlikely as that would require an improvement in the bank's financial profile

There are close to 300 triple-A rated companies. Many of them will be downgraded and banks' capital requirements will rise

The purpose of such a mechanism is to get better ratings and reduce cost of funds for an entity floating instruments.

People from the Tiwi Islands and Larrakia Traditional Owners are seeking an injunction.