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Moody's Investors Service on Monday said it has assigned a first-time B3 corporate family rating (CFR) to ANI Technologies, which operates ride hailing service Ola. Moody's CFRs are opinions of a corporate family's ability to honour all of its financial obligations. It has also assigned a B3 rating to the company's proposed senior secured term loan. ....
Moody s Investors Service has assigned a first-time B3 corporate family rating (CFR) to Oravel Stays Private Limited, popularly known as the hospitality chain Oyo. Moody’s CFRs are opinions of a corporate family’s ability to honor all of its financial obligations. The bond credit rating firm also assigned a B3 rating to the senior secured term loan to be issued by Oravel Stays Singapore Pte. Ltd, Oyo s wholly owned subsidiary. The proposed loan will be guaranteed by Oyo and many of its units, it said in a note on Thursday. Bloomberg reported Thursday that India’s Oyo is looking to raise $600 million in debt to bolster its finances, citing sources. This comes after the second wave of Covid-19 in India affected travel demand and hurt the company’s recovery effort, Bloomberg added. The loan issuer will be Oyo’s Singapore entity. ....