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Article: ICRA slashes Kalyani Carpenter Special Steels' loans to LA-.
- Article from:
- ADP Debt News
- Article date:
- September 3, 2009
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(ADPnews) - Sep 3, 2009 - ICRA downgraded Wednesday to LA- from LA+ the rating on the INR 637 million (USD 13m/EUR 9.1m) term loans and INR 650 million fund-based limits of Indian steel producer Kalyani Carpenter Special Steels Ltd (KCSSL).
The agency also lowered the company's INR 650 million fund-based limits and INR 1.2 billion non-fund based limits to A1 from A1+.
The ratings, implying adequate and highest credit quality, respectively, reflect the deterioration in KCSSL's operating and financial performance, owing to the sharp fluctuations in raw material prices and subdued outlook on the end-markets served by its key customer - Bharat Forge Ltd ...