STANROSE CHARGES CRISIL WITH `BIASED RATING'
Article Abstract:
Stanrose Mafatlal Investments and Finance Ltd (SMIFL), a part of the Mafatlal group, says that the downgrading of its fixed deposit programme by the Credit Rating Information Services India Ltd (Crisil) reflects on the agency's biased approach. Crisil had recently downgraded the company's FD programme to FA- from FA+. It had justified the downgrading saying that the market value of the investments made by SMIFL had diminished in value and that dividend income from Standard Industries, in which Stanrose holds an equity stake, is uncertain. SMIFL says that the downgrading was unjustified as it has a capital adequacy ratio of 90 percent against the required 10 percent. It also had sound investments in bluechip companies like HDFC and Hindustan Lever which would have sufficed to repay deposit holders. (khr)
Comment:
Says that downgrading of its fixed deposit program CRISIL reflects on the agency's biased approach
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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CRISIL RINGS ALARM BELLS FOR STEEL SECTOR
Article Abstract:
The Credit Rating Information Services of India Ltd (Crisil) has projected that the steel industry will be hit by the negative cash flow as there is pressure on volumes and realisations. The borrowing of steel companies is likely to increase in 1998-99. The price rise in petroleum products and railway freight is likely to affect the cost structure of the steel companies. The demand for steel has not increased. The price of steel in the international market is low and importing countries like USA, Canada, the European Union and Indonesia have slapped anti- dumping duties on steel. (rk)
Comment:
The Credit Rating Information Services of India Ltd (Crisil) has projected that the steel industry will be hit by the negative cash flow as there is pressure on volumes and realisations.
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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CRISIL DOWNGRADES 3 PROGRAMMES OF WIPRO FINANCE
Article Abstract:
Wipro Finance Ltd's (WFL's) three programmes were downgraded by the Credit Rating Information Services of India Ltd (Crisil). Its non-convertible debenture issue has been down graded from BBB+ to BB+, while its fixed deposit programme's FA rating was downgraded to FB+ and short term programmes' P2 was revised to P4. Crisil's revised rating on WFL's programmes reflects WFL's emerging risk profile denoted by the poor performance in 1997-98. (gs)
Comment:
Firm's three programs were downgraded by the Credit Rating Information Services of India
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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