Crisil downgrades 4 cos

MUMBAI, June 24: Credit Rating Information Services of India Ltd Crisil has downgraded the debt issues of Lloyds Steel Industries, Timex Watches, DSJ Finance Corporation and ICDS Ltd.

Lloyds Steel8217;s Rs 8.12 crore deep discount bonds has been downgraded to BBB8217; from A minus8217; indicating that the degree of safety regarding timely payment of interest and principal is moderate. The revised rating reflects the deterioration in credit quality due to pressure on profitability.

Timex Watches8217; Rs 56-crore partly convertible debenture issue has been downgraded to triple B8217; from A minus8217;. The revised rating reflects an adverse change in the risk profile due to a marked decline in profitability and stagnation in sales.