Usha Martin downgraded to IND BBB-: India Ratings & Research downgraded Usha Martin's long-term issuer rating to BBB- from BBB, explaining that the ratings downgrade is a result of the firm's challenges in meeting its debt obligations. The company had provided Rs. 16.85 billion of funds to banks against the expected Rs. 20 billion, and while this meets the company's debt requirements till the first half of FY18, the firm remains under pressure.

The company's EBITDA margins are lower than FY15, and it needs to improve these to meet its interest payments and boost its credit.