【Mumbai】The Aditya Birla group has slammed rating firm Moody's for placing Novelis, the group's aluminium products subsidiary, in line for a possible downgrade to default.
The group has said both Novelis and its parent Hindalco are "rock solid companies" and there is no question of a default by Novelis on its loans. Novelis had $5.2 billion of loans on its books as of December 2013 and a part of these loans is guaranteed by Hindalco. "S&P has rated Novelis 'stable' at B+ but Moody's has taken only three months' financial data into consideration for a possible review. We do not agree with their assessment," a top Birla group official said, asking not to be named. Moody's rival S&P, according to the official, takes a longer-term view while rating the company.
○Nalco inks MoU with ministry of mines for higher production
【Bhubaneswar】National Aluminium Company (Nalco) has signed an MoU with the Union ministry of mines regarding financial and non-financial targets for 2014-15.
The MoU was signed between Anup K Pujari, secretary, ministry of mines and Ansuman Das, chairman and managing director, Nalco, in New Delhi, on Friday, a company release said on Saturday.
【News source】
Birlas give junk rating to Moody's Novelis claim
Nalco inks MoU with ministry of mines for higher production
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