US STOCKS-Wall Street drops as banks, health stocks weigh
* Indexes down: Dow 0.33 pct, S&P 0.39 pct, Nasdaq 0.69 pct (Updates to open)
Dec 14 Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE) for local debt instruments as of December 13, 2016. COMPANY INSTRUMENT RATING AMOUNT MOVEMENT (RS.MLN) ------- ---------- ------ ------- --------- SHORT TERM RATINGS: ------------------- Balaji Formalin Pvt Ltd ST Bk Fac CARE A3+ 21 Assigned Cox & Kings Ltd CP Issue (carved CARE A1+ 10820 Reaffirmed out)* *Carved out of the sanctioned working capital limits of the company Cox & Kings Ltd CP Issue CARE A1+ 3750 Reaffirmed Creative Garments ST Bk Fac CARE A4+ 170 Reaffirmed Drt Anthea Aroma Chemicals Pvt Ltd ST Bk Fac CARE A2 860 Reaffirmed Ess Kay Fincorp Pvt Ltd ST Instrument - CP CARE A3+ 170 Assigned issue Ess Kay Fincorp Pvt Ltd Proposed ST CARE A3+ 30 Assigned Instrument - CP issue Glochem Industries Ltd ST Bk Fac CARE A3 125 Reaffirmed Jayalakshmi Sea Foods Pvt Ltd LT/ST Bk Fac CARE A3+ 105 Revised from CARE A3 Jyothy Laboratories Ltd CP CARE A1+ 1000 Assigned Mahajan Fabrics Pvt Ltd ST Bk Fac CARE A4 40 Assigned Power Finance Corporation Ltd ST Market CARE A1+ 300000 Reaffirmed Borrowing Programme - FY17 Punjab National Bank CD CARE A1+ 600000 Reaffirmed Val Pack Solutions Pvt Ltd ST Bk Fac CARE A4+ 20 Revised from CARE A4 Ved Prakash And Sons Lumbers Pvt Ltd ST Bk Fac CARE A4 125 Assigned Vinko Auto Industries Ltd ST Bk Fac CARE A4+ 129 Reaffirmed Wheel Packaging ST Bk Fac CARE A4 22.5 Reaffirmed LONG TERM RATINGS: ------------------- AAA Roller Flour Mills Pvt Ltd LT Bk Fac CARE BB- 220 Reaffirmed Ahir Salt And Allied Products Pvt Ltd LT Bk Fac CARE BB 288.9 Reaffirmed Balaji Formalin Pvt Ltd LT Bk Fac CARE BBB 700 Reaffirmed Chaudhary Nursing Homes Pvt Ltd Bk Fac - - Withdrawan Cox & Kings Ltd Issuer Rating CARE AA - Reaffirmed Cox & Kings Ltd LT Bk Fac CARE AA 12060 Reaffirmed Cox & Kings Ltd Non- Convertible CARE AA 8000 Reaffirmed Debentures Drt Anthea Aroma Chemicals Pvt Ltd LT Bk Fac CARE A- 530 Reaffirmed Glochem Industries Ltd LT Bk Fac - TL* - - Withdrawan Glochem Industries Ltd LT Bk Fac CARE BBB- 80 Reaffirmed Glochem Industries Ltd LT/ST Bk Fac CARE BBB-/A3 80 Reaffirmed Greenko Wind Projects Pvt Ltd Proposed NCD issue Prov CARE A 3200 Assigned ^ ^proposed to be backed by unconditional and irrevocable corporate guarantee of Greenko Energies Private Limited (GEPL; rated CARE A ). Jayalakshmi Sea Foods Pvt Ltd LT/ST Bk Fac CARE BBB; 390 Revised from Stable/CARE A3+ CARE BBB- / CARE A3 Jyothy Laboratories Ltd NCD CARE AA 4000 Reaffirmed Jyothy Laboratories Ltd NCD CARE AA 4000 Assigned Kanaiya Cold Storage LT Bk Fac CARE B 75 Assigned Lotus Ornaments Pvt Ltd Bk Fac - - suspended Magma Fincorp Ltd Series A1 PTCs - - Withdrawan Magma Fincorp Ltd Series A2 PTCs - - Withdrawan Magma Fincorp Ltd Second Loss - - Withdrawan Facility Magma Fincorp Ltd Liquidity Facility - - Withdrawan Mahajan Fabrics Pvt Ltd LT Bk Fac CARE B+ 130.9 Reaffirmed Mahajan Fabrics Pvt Ltd LT Bk Fac/ ST Bk CARE B+/CARE A42.1 Reaffirmed Fac Maharashtra Feeds Pvt Ltd LT Bk Fac CARE BBB 50 Reaffirmed Maharashtra Feeds Pvt Ltd LT/ ST Bk Fac CARE BBB/A3+ 500 Reaffirmed Nobletex Industries Ltd Bk Fac - - suspended Power Finance Corporation Ltd LT Market CARE AAA 196010 Reaffirmed Borrowing Programme - FY13 Power Finance Corporation Ltd LT Market CARE AAA 140740* Reaffirmed Borrowing Programme - FY14 * includes outstanding sub - ordinate debt of Rs.3,800 crore as a part of FY14 Market Borrowing Programme. Power Finance Corporation Ltd LT Market CARE AAA 444850 Reaffirmed Borrowing Programme - FY15 Power Finance Corporation Ltd LT Market CARE AAA 235870 Reaffirmed Borrowing Programme - FY16 Power Finance Corporation Ltd LT Market CARE AAA 400000^ Reaffirmed Borrowing Programme - FY17 ^ includes Rs. 5,000 crore of Extra Budgetary Resources to be raised by PFC on behalf of Ministry of Power (GOI fully serviced bonds) Punjab National Bank Perpetual Bonds CARE AA 26630 Reaffirmed Punjab National Bank Upper Tier II BondsCARE AA 95000 Reaffirmed Punjab National Bank Basel III CARE AA- 15000 Reaffirmed Compliant Perpetual Tier I Bonds Punjab National Bank Infrastructure CARE AA+ 50000 Reaffirmed Bonds Punjab National Bank Basel III CARE AA+ 20000 Reaffirmed Compliant Tier II Bonds Ramachandra Educational Trust LT Bk Fac CARE BBB- 855.4 Reaffirmed Sree Praagna Hospitals Pvt Ltd LT Bk Fac CARE B+ 80 Assigned State Bank Of Travancore Upper Tier II CARE AAA 2000 Reaffirmed Bonds (Series I) State Bank Of Travancore Upper Tier II CARE AAA 3000 Reaffirmed Bonds (Series II) State Bank Of Travancore Upper Tier II CARE AAA 5000 Reaffirmed Bonds (Series III) State Bank Of Travancore Perpetual Bonds CARE AAA 1000 Reaffirmed State Bank Of Travancore Tier II Bond Issue CARE AAA 12500 Reaffirmed (Basel III)# # Tier II Bonds under Basel III are characterized by a 'Point of Non-Viability' (PONV) trigger due to which the investor may suffer a loss of principal. PONV will be determined by the Reserve Bank of India (RBI) and is a point at which the bank may no longer remain a going concern on its own unless appropriate measures are taken to revive its operations and thus, enable it to continue as a going concern. In addition, the difficulties faced by a bank should be such that these are likely to result in financial losses and raising the Common Equity Tier I capital of the bank should be considered as the most appropriate way to prevent the bank from turning non-viable. Val Pack Solutions Pvt Ltd LT Bk Fac CARE BB+ 90.6 Revised from CARE B+ Ved Prakash And Sons Lumbers Pvt Ltd LT Bk Fac CARE B+ 25 Assigned Vinko Auto Industries Ltd LT Bk Fac CARE BB+ 39.9 Reaffirmed Wheel Packaging LT Bk Fac CARE BB 35 Revised from CARE BB- White House Tiles Pvt Ltd LT Bk Fac CARE D 133 Assigned White House Tiles Pvt Ltd ST Bk Fac CARE D 7.5 Assigned -------------------------------------------------------------------------------------------- $: Rating watch with positive implication #: Rating Watch with Developing implications @: Rating Watch with Negative Implications %: Rating under Credit Watch wd -Rating Stands Withdrawn sp -Rating Suspended pp -Principal Protected pn -Principal Not Protected CARE may apply + or - signs for ratings to reflect a comparative standing within the category. BG-Bank Guarantee; CC-Cash Credit; CCPS-Cumulative Convertible Preference Share; CD-Certificate of Deposit; CLO-Collateralized Loan Obligation; CPA-Claims Paying Ability; CP-Commercial Paper; CPS-convertible preference shares; CRPS- Cumulative Redeemable Convertible Preference shares; DDB-Deep Discount Bond; EPBI-Exchange premium bond; FBL-Fund Based Limits; FRB/FRN -Floating Rate Bond/Note; ICD -Inter Corporate Deposit; ITD-Immediate Term Debt; LOC-Letter of Credit; LT -Long Term; LTB -Long Term Borrowing; LTD -Long Term Debt; MOCD-multiple option convertible debenture; MTD -Medium term Debenture; MTN-medium term notes; NCD(SO) - Non-Convertible Debenture-(Structured Obligation); NCD-Non-convertible Debentures; NCRB-Non Convertible Redeemable Bonds; NM-Not Meaningful; OCD-optionally convertible debenture; OD-Over Draft; OFCD-Optionally Fully Convertible Debenture; PCD-Partially Convertible Debenture; PCN-partly convertible notes; PCPS-Partly Convertible Preference Share; POCD-partly optional; PP-privately placed; PSPC-Post Shipment & Packing Credit; PS-Preference Shares; PTC-Pass Through Certificates; RPS-Redeemable Preference Shares; SCPN-secured convertible preference notes; SDO-Structured Debt Obligation; SLR-Statutory Liquidity Ratio; SO-Structured Obligation; SPCD - Secured Partly Convertible Debentures; SPN-secured premium notes; STB-Short Term Bond; STD-Short Term Debentures; ST-Short Term; Sub. Bonds-Subordinate Bonds; TB-Taxable Bond; TFB-Tax Free Bond; TL-Term Loan; TOCD-triple option convertible debentures. (Mumbai Rate Reporting Unit + 91 22 6180 7222/3317 7222, E-mail at firstname.lastname@example.org)
* Indexes down: Dow 0.33 pct, S&P 0.39 pct, Nasdaq 0.69 pct (Updates to open)
Jan 17 U.S. stocks opened lower on Tuesday as investors sought safe-haven assets following U.S. President-elect Donald Trump's remarks on the strength of the dollar and British Prime Minister Theresa May's comments on Brexit.
* Futures down: Dow 52 pts, S&P 8.75 pts, Nasdaq 20 pts (Adds details, comments, updates prices)