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Journalism of Courage
MUMBAI, February 18: The Credit Rating Information Services of Indian Ltd Crisil on Wednesday downgraded two non-convertible debenture issues of the UB group company, Herbertsons Ltd. It also kept three NCDs, one PCD and FD of Ballarpur Industries and APR Ltd under rating watch with developing implications.
Crisil downgraded Herbertson Ltd8217;s 8.2 crore debenture programmes from triple-B BBB to double-B BB. The revised rating indicates that the degree of safety regarding the timely payment of interest and principle on the instrument is inadequate.
The rating revision reflects the split ownership of the company, the on-going dispute over ownership and intra-group company transactions, a Crisil release said on Wednesday. The rating also factored in the increasing level of competition and the high degree of industry-related government regulations.
