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This is an archive article published on August 20, 1997

ITC Bhadrachalam downgraded

MUMBAI, Aug 19: The Credit Rating Information Services of India Ltd Crisil has downgraded the debt instruments of ITC Bhadrachalam Paperb...

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MUMBAI, Aug 19: The Credit Rating Information Services of India Ltd Crisil has downgraded the debt instruments of ITC Bhadrachalam Paperboards Ltd and Woolworth India Ltd.

Crisil has downgraded the fixed deposit programme of ITC Bhadrachalam Paperboards Ltd from FAAA8217; to FAA8217;. The revised rating however indicates a high degree of safety regarding timely payment of interest and principal. Citing reasons for the downgrading, Crisil, in a press release said, quot;The domestic paper industry is going through a phase of difficulty due to low level of duties and subdued prices in the international market since September 1995.quot;

While the industry growth has been modest, large capacity additions are coming up in the current year which will result in a glut situation in the near term before the demand catches up, Crisil added.

The premier rating agency has downgraded the Rs 20.25 crore non-convertible debenture programme of Woolworth India Ltd to A- from A. The revised rating indicates adequate safety with respect to timely payment of interest and principal on the instrument. The A-8216; rating reflects the company8217;s declining profitability, its weakening capital structure on account of debt oriented funding of its expansion programme and the low growth rates expected in the worsted yarn industry.

Crisil has meanwhile assigned a P1 rating to the enhanced Rs 200 crore commercial paper programme of Indian Petrochemicals Corporation Ltd. The CP size of the petrochemicals major has been enhanced from Rs 125 crore to Rs 200 crore. The rating indicates the highest degree of safety regarding the timely payment of interest and principal.

The rating agency has assigned a Triple-A rating to the Rs 50 crore non-convertible debenture programme of Nestle India Ltd, indicating the highest safety with regard to timely payment of interest and principal.

 

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