Moody's has also placed IndusInd Bank's (IndusInd) domestic and foreign currency issuer ratings of Baa3/P-3 under review for downgrade. The bank's ba1 baseline credit assessment (BCA) and adjusted BCA
have also been placed under review for downgrade.
The baseline credit assessment (BCA) and adjusted BCA of ICICI and Axis are affirmed at ba1. The BCA and adjusted BCA of IDBI has also been affirmed at b2.
Moody's has also downgraded the counterparty risk assessments (CR assessments) of Axis and ICICI to Baa3(cr)/P-3(cr) from Baa2(cr)/P-2(cr), and the local currency counterparty risk rating (CRR) of Axis and ICICI
to Baa3/P-3 from Baa2/P-2.
At the same time, the outlooks for ICICI and Axis are revised to negative from stable, and for IDBI to stable from positive.
The request from the management and labour union of SsangYong Motor Company (SYMC) for fresh injection of equity from M&M to help the company fund 500 billion KRW (USD 406M) of requirements over the next three years, was considered by the Board.
The Board noted that large parts of the global economy are under shutdown. India particularly is under an unprecedented 21-day complete lockdown. Only emergency services are operating while, everything else is closed.
The Board has also initiated several measures to tighten capital allocation norms and ensure that M&M remains strong through the current crisis and beyond.
After lengthy deliberation given the current and projected cash flows, the M&M Board took a decision that M&M will not be able to inject any fresh equity into SYMC and has urged SYMC to find alternate sources of funding. However, with a view to enable SYMC to have continuity of business operations, whilst they are exploring alternate sources of funding, the board has authorised the M&M management to consider a special one-time infusion of upto 40 billion KRW (USD 32M) over the next three months.
Moreover, M&M would make every effort to continue to support to all other non-fund initiatives that are currently in place to help SYMC reduce Capex, save costs and secure funds. Examples of such support are:
1. Capex-free access to Mahindra's new platforms such as W601.
2. Support technology programs which would help reduce SYMC's capex
3. Support the material cost reduction program that is currently underway
4. Support SYMC management to find new investors
The Board hoped that the employees and management at SYMC understand the magnitude of the unfortunate and unforeseen crisis created by the COVID-19 virus, which has compelled it to take the difficult decision
Lump ore (65.5%, 6-40mm) @ 2650 per ton
Fines (64%, -10mm) @ 2360 per ton
Note: The above FOR prices are excluding Royalty, DMF, NMET, Cess, Forest Permit Fee and other taxes.
Further, steps are underway to shortly commence partial operations at Company's manufacturing facility at Bazpur, Distt. Udham Singh Nagar, Uttarakhand as well.
Company's overseas manufacturing units in Thailand, Turkey, USA and Indonesia continue to operate normally and the management continues to monitor the situation closely and is taking appropriate steps / actions as per directions from local authorities and all other relevant factors.
Company standalone credit rating for its various long term borrowings (including below mentioned non- convertible debentures) are remain same as A+ (Stable) from CRISIL, ICRA and CARE and its short term borrowings at A1+ from CRISIL, ICRA, CARE which is highest credit rating.
Brickwork Ratings has shared its credit rating on 03 April 2020 wherein credit rating for nonconvertible debentures with loan outstanding of Rs 181.38 crore, stands now at [BWR]AA- (Stable) from earlier [BWR]AA- (Stable).
Long term bank facilities - CARE AA-;Stable
Long term / short term bank facilities - CARE AA-; Stable/ CARE A1+
Short term bank facilities - CARE A1+