Care downgrads IPCL

MUMBAI, DEC 10: Credit Analysis & Research Ltd (Care) has downgraded the Rs 300 crore non-convertible debenture (NCD) issue and the Rs 450 crore secured bond issue of Indian Petrochemical Corporation Ltd (IPCL) to AA’ from AAA’. The fixed deposit programme of the company has also been downgraded to AA’. The ratings, however, indicate high quality on the instruments.

The revised ratings reflect the continuous declining trend in the international prices of petrochemicals during the last two years. The domestic prices of petrochemicals are largely influenced by landed cost of imported products and the demand-supply situation.

The rating agency has assigned a AA’ rating to the fixed deposit programme of L&T Finance and a PR1+’ rating to the Rs 30 crore commercial paper issue of Blue Star Ltd. A PR1′ rating has been assigned to the Rs 40 crore CP issue of Goetze India Ltd.