Nucleus Securities downgraded

MUMBAI, July 15: The Credit Rating amp; Information Services of India Ltd Crisil has downgraded the fixed deposit programme of Nucleus Securities Ltd.

The rating of Nucleus Securities8217; FD programme has been downgraded from FA8217; to FA-8216;. The new rating indicates that the degree of safety regarding the timely payment of interest and principal is satisfactory.

According to Crisil, the rating of Nucleus Securities factors in the below average performance of the company8217;s other businesses which has led to a small negative accretion to reserves for the second successive year in the 9 months of 1996-97. Nucleus is engaged in full-fledged money changing, corporate debt syndication, issue management, underwriting and portfolio management and investment advisory services. Crisil has, meanwhile, removed National Fertilisers Ltd from rating watch8217; for its Rs 1,000 crore bond issue.