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Indian Gold Jewellery Retail Industry; Recent notification on inclusion of erstwhile saving schemes under the definition of deposits forces jewellers to re-jig their schemes and funding mix; smaller players likely to witness temporary liquidity strain        Indian Cement Sector; Demand recovery in sight; however, profitability continues to remain under pressure due to cost headwinds        Power Sector: Limited tariff hikes so far by SERCs for FY 2014-15, coupled with rising subsidy dependence for the sector as a whole; Subsidy estimated at Rs. 720 billion for FY 2015        Power sector continues to face challenges; given the falling thermal PLFs, rising subsidy for state owned distribution utilities & uncertainty over resolution of tariff compensations for the affected private sector IPPs…        Indian Mortgage Finance Market; Long-term Bonds by Banks for Affordable Housing - HFCs competitive positioning may weaken        Indian Automobile Industry; Most automobile segments showing an improvement in growth numbers        Indian Pharmaceutical Industry; Inclusion of additional drugs under price control, a credit negative for branded generics industry        Indian Banking Sector; RBI Guidelines on Issue of Long-term Bonds by Banks for Infrastructure Financing- A Positive for Banks & Indian Bond Market        Indian Retail Non Banking Finance Market; Marginal improvement in growth likely; asset quality pressures likely to start easing in second half        Broad-based moderation in CPI inflation to 7.3% in June 2014 from 8.3% in May 2014; caution warranted on account of crystallisation of monsoon-related concerns       
 
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Indian Gold Jewellery Retail Industry; Recent notification on inclusion of erstwhile saving schemes under the definition of deposits forces jewellers to re-jig their schemes and funding mix; smaller players likely to witness temporary liquidity strain
Indian Cement Sector; Demand recovery in sight; however, profitability continues to remain under pressure due to cost headwinds
Power sector continues to face challenges; given the falling thermal PLFs, rising subsidy for state owned distribution utilities & uncertainty over resolution of tariff compensations for the affected private sector IPPs…
Power Sector: Limited tariff hikes so far by SERCs for FY 2014-15, coupled with rising subsidy dependence for the sector as a whole; Subsidy estimated at Rs. 720 billion for FY 2015
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  RATINGS SCALE FOR ISSUERS IN NEPAL

Background

ICRA has set up a joint venture in Nepal to replicate some of its rating businesses there. The company signed a Memorandum of Understanding with Himalayan Infrastructure Fund Limited (HIFL) of Nepal at Kathmandu on Monday. ICRA is holding the majority stake in the joint venture.

ICRA also announced the setting up of a representative office in the Nepalese capital and appointed Deepak Kafle as resident director to oversee its overseas operations there.


Rating Symbols for Issuers / Instruments in Nepal

The rating for issuers / instruments in Nepal is assigned on an eight-point scale developed specifically for that country, and ranges from ‘[Nepal] AAA’ to ‘[Nepal] D’. This rating scale ranks the relative default risk associated with issuers in Nepal.

ICRA Rating symbols for issuers / instruments in Nepal and their implications are as follows

[Nepal] AAA The highest-credit-quality rating relative to other domestic issuers

[Nepal] AA The high-credit-rating quality rating relative to other domestic issuers

[Nepal] A The adequate-credit-quality rating relative to other domestic issuers

[Nepal] BBB The moderate-credit- quality rating relative to other domestic issuers

[Nepal] BB The inadequate-credit-quality rating relative to other domestic issuers

[Nepal] B The risk-prone-credit-quality rating relative to other domestic issuers

[Nepal] C The poor-credit-quality rating relative to other domestic issuers

[Nepal] D The lowest-credit-quality rating relative to other domestic issuers

Note For the rating categories AA through to C, the sign of + (plus) or – ( minus) may be appended to the rating symbols to indicate their relative position within the rating categories concerned. Thus, the rating of AA+ is one notch higher that AA, while AA- is one notch lower than AA.