Fortis Fin downgraded

MUMBAI, AUG 5: The Credit Rating Information Services of India Ltd has downgraded the fixed deposit programme of Fortis Financial Services Ltd from FA8217; to FA-8216;. The revised rating indicates that the degree of safety regarding timely payment of principal and interest is satisfactory.

The premier rating agency has simultaneously suspended the FA8217; rating assigned to the fixed deposit programme of the erstwhile Foresight Financial Services Ltd. Foresight Financial has been merged with MCC Financial Ltd, a part of the MAC group of companies, as part of a restructuring exercise being carried out by it. quot;As the management of MCC Financial has not provided us with the required information on the merged entity, we are not in a position to assess the risk profile of the fixed deposits of the erstwhile Foresight Financial,quot; Crisil said.

Crisil has meanwhile assigned a quot;P1quot; rating to the Rs 50 crore commercial paper programme of Cochin Refineries Ltd. The rating indicates that the degree of safety regarding timely payment on the instrument is very strong.

The rating agency has also assigned a quot;P1quot; rating to the CP programmes of The Ahmedabad Electricity Company Ltd AEC, Lucas Indian Service Ltd, OCL India Ltd, India Glycols and Widia India Ltd. While AEC proposes to raise Rs 30 crore through the CP route, OCL India will raise Rs 15 crore and India Glycols Rs 6 crore.