|
|
Article: ICRA downgrades Sheetal Manufacturing's loan rating to LBBB-.
- Article from:
- ADP Debt News
- Article date:
- August 25, 2009
CopyrightCOPYRIGHT 2009 Aii Data Processing Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
(ADPnews) - Aug 25, 2009 - ICRA lowered Monday to LBBB- from LBBB the rating on the INR 33 million (USD 677,200/EUR 473,700) term loans of Indian diamond producer Sheetal Manufacturing Co Private Ltd (SMC).
The agency also cut to A3+ from A3 the rating on the company's fund-based limits.
The ratings suggest moderate credit quality.
The revision reflects the change in SMC's capital structure, following the conversion of a significant part of the partners' capital into preference share capital and unsecured loans, subsequent to corporatisation of the entity.
...