ICRA downgrades

NEW DELHI, FEBRUARY 22: Rating firm, ICRA has downgraded the rating assigned to the Rs 150 crore CP programme of Crompton Greaves Ltd (CGL) from A1 to A2" (A two plus).

The revised rating factors the current slack operating environment for CGL, the losses at the operating level and tight liquidity conditions for the company. However, the rating also takes into account CGL’s established position as a supplier of heavy electrical equipment and the improved performance of its consumer products and digital groups.