Ind-Ra downgrades Haldia Petrochemicals to AA-minus with negative outlook
India Ratings and Research (Ind-Ra) on Monday downgraded Haldia Petrochemicals Ltd’s (HPL’s) long-term issuer rating to AA-minus from AA while resolving the rating watch negative (RWN).
The outlook is negative, it said.
In March, HPL signed an agreement to acquire Lummus Technology — a technology player in the petrochemicals and refinery segments that has been carved into separate entity by McDermott International Inc (MDR) — for 2.7 billion dollars.
Ind-Ra said it has considered the standalone profile of HPL and has not consolidated the debt of 1.5 billion dollars taken at the asset level (Lummus) as the debt has been taken without recourse to the promoters.
