Crisil Places Bilts Debentures, Fds Under Rating Watch
The Credit Rating Information Services of India Ltd (Crisil) has placed the `A plus and `FA plus rating assigned to Ballarpur Industries Ltds (Bilt) debenture and fixed deposit programmes respectively on a rating watch with developing implications. The move comes in the wake of a restructuring exercise undertaken by the companys management.
Crisil has also placed the outstanding ratings of `A and `FA plus assigned to APR Ltds debenture and fixed deposit programmes respectively on a similar watch. The Rs 6.2 crore, 15 per cent non-convertible debentures and Rs two crore, 17 per cent non-convertible debentures of Herbertsons Ltd has also been downgraded to `BB from `BBB.
The revised ratings indicated that the degree of safety regarding the timely payment of interest and principal on the instrument was inadequate, said a Crisil release here.The revision reflects split ownership of the company, the ongoing dispute over ownership of the firm and intra-group company transactions, the statement said. It also factors in the increasing level of competition and the high degree of industry-related government regulations, it added.
The Rs two crore and Rs 10 crore non-convertible debenture (NCD) issues of Orient Press Ltd has been downgraded to B from `BBB.The revised ratings indicated that the instruments were susceptible to default, the release said.Crisil has assigned a AA rating to the Rs 200 crore NCD programme of Sterlite Industries (India) Ltd.
The rating indicated that the degree of safety regarding timely payment of interest and principal on the instrument was high.The rating agency has downgraded the fixed deposits of Bagwe Udyog Ltd to FD from FB+. The revised rating indicates that the instrument is in default or is expected to default on maturity.
The Rs two crore commercial paper programme of Emmellen Biotech Pharmaceuticals Ltd has been assigned a `P2 rating indicating strong degree of safety regarding timely payment of financial obligations.